need help in part 3b and 4

Return to question Raw materials Work in process Finished goods $23,500 $13,000 $31,500 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 37,500 machine-hours and incur $159,375 in manufacturing overhead cost. The following transactions were recorded for the year a. Raw materials were purchased on account: $230,000 b. Raw materials were requisitioned for use in production: $205,000 (85% direct and 15% indirect) c. The following costs were incurred for employee services: Direct labour Indirect labour salon commissions Administrative salaries $172,000 $ 30,000 $ 40,500 $ 16,000 d. Heat, power, and water costs were incurred in the factory: $48,750. e. Prepaid insurance expired during the year: 517,500 (80% relates to factory operations, and 20% relates to selling and administrative activities) 1. Advertising costs were incurred, $57,500 g. Depreciation was recorded for the year $69,000 (75% relates to factory operations, and 25% relates to selling and administrative activities) h. Manufacturing overhead cost was applied to production. The company recorded 43,000 machine hours for the year, 1. Goods that cost $525,500 to manufacture according to their job cost sheets were transferred to the finished goods warehouse Sales for the year totalled $769.800 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $517,500. Return to question h. Manufacturing overhead cost was applied to production. The company recorded 43,000 machine-hours for the year, 1. Goods that cost $525,500 to manufacture according to their job cost sheets were transferred to the finished goods warehouse J. Sales for the year totalled $769,800 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $517,500 Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is complete and correct. No Transaction General Journal Crede Debit 230,000 1 Raw materials Accounts payable . 230,000 2 b. Work in process Manufacturing overhead Raw materials 174,250 30.750 OO 205,000 3 Work in process Manufacturing overhead Sales commissions expense Administrative salaries expense Salaries and wages payable 172000 30.000 40.500 36.000 320.500 48,750 d Manufacturing overhead Accounts payable 48.750 11 Neve 5 e Manufacturing overhead Insurance expense Prepaid insurance 14,000 3.500 17.500 ts 6 Advertising expense Accounts payable 57.500 57.500 7 Manufacturing overhead Depreciation expense Accumulated depreciation 51.750 17.250 69,000 8 h 182,750 Work in process Manufacturing overhead 182,750 9 9 525,500 Finished goods Work in process 525,500 10 F1 780,000 Accounts receivable Sales lo 769,800 11 J-2 517.500 Cost of goods sold Finished goods 517.500 RE 2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account Answer is complete and correct. Manufacturing Overhead Beg Bal Raw Materials 23,500 230,000 205,000 48,500 Beg Bal a b b 182.750 h End. Bat. G OOO 30.750 30,000 48.750 14.000 51.750 9 End. Bal 7,500 Cost of Goods Sold Beg Bal Beg Bal b Work In Process 13,000 174.250 525,500 172.000 182,750 16,500 ooo 517.500 517 500 End. Bal ol h End, Bal Beg Bal Finished Goods 31,500 525 500 517,500 39.500 End. Bal Overapplied overhead Underapplied overhead 3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. (Do not round intermediate calculations and round your final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Event General Journal Debit Credit A 1 7,500.00 Manufacturing overhead Cost of goods sold Finished goods Work in process 6,767.653 516.563 215.78 4. Prepare an income statement for the year. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) 4. Prepare an income statement for the year. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) Answer is complete but not entirely correct. RAVSTEN COMPANY Income Statement For the Year Ended December 31 Sales $ 769,800 Cost of goods sold 510.732 Gross profit 259,068 Selling and administrative expenses Sales commissions $ 40,500 Administrative salaries 86,000 Insurance expense 3,500 Advertising expenses 57,500 Depreciation expense 17.250 204,750 $ 54,318 Operating income 9 00000