Need questions 2-4 answered.
Gold Not Company of Gandona China, is a family owned enterprise that makes bedrages for the Som Chora market. The company at 18 cages Progressive now or street vendors who receive The company ses ajab order conting som in which overhead is applied to jobs on the basis of direct la comis predetermined overhead uten based on a pot formula at stated 500, 6000 manufacturing overed for an estimated activity level of $45.000 direct labor dollars. Al the beginning of the year, the mentor balances were as Rawls Wort in proce 16.00 35.000 $5700 During the year, the following transactions were completed Raw material purchased on coton, 5170,000 Raw materials used in production 5144 000 malitia costing $120,000 were charged directly to jobs the remaining materials were norect) costs for employee services were incurred as follow Du bor Indrer Sales come Annie 156000 $ 12,000 5 26,000 14100 dont for the year was 12.300 (13,300 of this amount related to factory operations, and the remainder wed to give Uy costs incurred in the factory, 513.000 Advertising costs incurred 511.000 Deprecation recorded on equipment 121.000 (76.000 of this amount related to equipment and in factory operatoremaning 85.000 led to present in seling and administrative div> Manufacturing over vad cost was poobs Goods that had not 5220.000 to manufacture according to their job sheets were completo as for the world incastrated SSO 000. The cost to manufacture these goods according to the boat was $220.000 Required 1 Prepare umesto od the action for the year 2. Prepare account for each ventory count Manufacturing Overhead and Cost of Goods Sold Post relevant tota from your numato accorgering sales your very account A Manufacturing Overhead underpled replied for the year 38 Prepares ou ony to close any band in the Marufung Overhead account to cost of Goods Solo 4. Prepare an income statement for the year All of the womanded for the income statement is available is the ones accounts you have prepared Regt Reg 2 Reg 3A Reg30 Req4 Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts) (Do not round Intermediate calculations) Raw Materials Work in Process Beg Bal Beg Bal End. Bal End, Bal Finished Goods Manufacturing Overhead Beg Bal Beg Bal End. Bal Cost of Goods Sold End. Bal Beg Bal End Bal Is Manufacturing Overhead underapplied or overapplied for the year? Underapplied O Overapplied Reg 1 Reg 2 Req 3A Reg 38 Reg 4 Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
