Need Help solving the incomplete answer.

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.) X Answer is complete but not entirely correct. Credit No Event General Journal Debit Manufacturing overhead Cost of goods sold Finished goods 8.860.00 7,974.00x 620.20x 265.80x Work in process 4. Prepare an income statement for the year. (Round intermediate calculations to nearest whole number.) Answer is complete but not entirely correct. RAVSTEN COMPANY Income Statement For the Year Ended December 31 Sales 774,400 513,926 260.474 Cost of goods sold Gross profit Selling and administrative expenses: S 86,400 3,600 58,000 17.400 40,800 206,200 Administrative salaries Insurance expense Advertising expenses Depreciation expense Sales commissions S 54.274 Operating income Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows terials $24,000 Work $13,200 Process $31.600 goods The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 37,600 machine-hours and incur $161,680 in manufacturing overhead cost. The following transactions were recorded for the year a. Raw materials were purchased on account: $232,000 b. Raw materials were requisiioned for use in production: $206,000 (85 % direct and 15% indirect). following costs were incurred for employee services: Direct labour $172,800 t labour $ 30,200 Sales s 40,800 commissions s 86,400 salaries d. Heat, power, and water costs were incurred in the factory: $49.200 e. repaid insurance expired during the year: $18,000 (80 % relates to factory operations, and 20 % relates to selling and administrative activities) g. Depreciation was recorded for the year: $69,600 (75 % relates to factory operations, and 25 % relates to selling and administrative activities) L Goods that coat $530.100 to manufacaure according to their ico cost sheets were transferred to the finished gcods warehouse haccount. The total cost to manufacture these goods according to their job cost sheets was $521,900. Sales for the year totaled S774,400 and were all equin ournal entries to record the transactions given above. (Do not round intermediate caloulations. If no entry is required for a transaction/event, seloct "No journal entry required" the first account field.) View transaction list View lournal entry worksheet Raw mateiral Journal Accounts payabe NO ransaca Debit creait 232,000 175.10 Macfachrce overhead Raw materials |206,000 Workinpro ead 172,80 Sales commissions expenser 40800 86 400 se SOares and wages pavable 330,200 Manufacturing overhead Accounts payable Manufacturing overhead 49.20 49.203 1. 14400 3.600 18,000 fAdvertising expense Accounts payable 58.00 58,000 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 Manufacturing Overheac Raw Materials Beg, Bal, Beg. Bal 24,000 185.760h 206.000 b. 232,000 30.900 50,000 End, Bal 14.40 52 20 8.860 End. Bal Cost of Goods Sold Work in Process Beg. Bal. Beg, Ba 530 100 175.10 521.90 521.900 172 800 End. Bal 185.76 16,76 End. Bal Finished Goods Beg. Bal. 530.100 521,900 39.800 End. Bal, 3-a. Is manufacturing overhead underapplied or overapplied for the year? Underapplied overhead Overapplied overhead 3-b. Prepare a jounal entry to properly dispose 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 View transaction list View journal entry worksheet Event No General Journal Debit Credit Manufacturing overhead 8.860 00 Cost of goods sold 7,974.00 Work in process 265 80 4. Prepare an income statement for the year. (Round intermediate calculations to nearest whole number.) RAVSTEN COMPANY Income Statement For the Year Ended December 31 S 774,400 Sales Cost of goods sold 513.926 Gross profit 260,474 Selling and administrative expenses: Administrative salaries 86,400 Insurance expense 3,600 Advertising expenses 58,000 Depreciation expense 17,400 Sales commissions 40,800 206.200 Operating income 54,274