NOTE: ONLY TRY THE 3B PART AND COST OF GOODSLOD I TRIED DIFFERNT WAY BUT STILL IT IS WORNG PLZ HAVE A LOOK ON ATTACHMENT AND ALSO PLZ EXPLAIN TO GET THAT

Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the companys inventory balances were as follows:

Raw materials	$	18,000
Work in process	$	10,800
Finished goods	$	30,400

The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,400 machine-hours and incur $161,980 in manufacturing overhead cost. The following transactions were recorded for the year:

1. Raw materials were purchased on account: $208,000.
2. Raw materials were requisitioned for use in production: $194,000 (80% direct and 20% indirect).
3. The following costs were incurred for employee services:

Direct labour	$	163,200
Indirect labour	$	27,800
Sales commissions	$	37,200
Administrative salaries	$	81,600

4. Heat, power, and water costs were incurred in the factory: $43,800.
5. Prepaid insurance expired during the year: $12,000 (85% relates to factory operations, and 15% relates to selling and administrative activities).
6. Advertising costs were incurred, $52,000.
7. Depreciation was recorded for the year: $62,400 (90% relates to factory operations, and 10% relates to selling and administrative activities).
8. Manufacturing overhead cost was applied to production. The company recorded 40,800 machine-hours for the year.
9. Goods that cost $497,600 to manufacture according to their job cost sheets were transferred to the finished goods warehouse.
10. Sales for the year totalled $718,600 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $491,800.

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.)

General Journal Debit Credit No Transaction 1 a 208.000 Raw materials Accounts payable 2. Prepare T-accounts for Inventorles, 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 208.000 2 Manufacturing Overhead Work in process Manufacturing overhead matemat 155.200 30,000 Beg Bal Raw Materials 18.000 200.000 10000 194.000 32.000 Bog BAL b 194.000 181.560 End Sal 3 29.800 27.300 43 800 10.200 38 160 - fa fe Work in 162.200 27.800 37,200 81,600 Manufacturing overhead Sales commissions expense Administrative sales expense Salaries and we payable End Bal 4.800 300 DO 4 d Beg Bal 43.800 Beg Bal Manufacturing overnad Accounts payat Work in Process 10.800 155 200l 407 600 163 200 181.560 13 180 Cost of Goods Sold SO 491 300 491.800 40 End Bal 5 Manutacturing overhead insurance expense Prepaid insurance 10 200 1,800 End Bal 12,000 6 1 52.000 Beg Bai Advertising expense Atpay Finished Goods 30.400 497.600 401.000 38.2001 35 52,000 Endal 7 Manufacturing overhead Depreciation expense Accumulated depreciation 58,150 6.240 62.400 3-a. Is manufacturing overhead underapplied or overapplied for the year? 101,550 Work in process Manufacturing overhead 181.560 Overapplied overhead O Underapplied overhead 9 497,600 Finished goods Work in process 497.000 3-5. 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.) 10 -1 Account receivable 718,600 710.000 View transaction et View journal entry worksheet 11 491,800 Cost of goods sold Finished goods NO Event A 1 General Journal 491,600 2. Prepare T-accounts for inventories, Manufacturing Overhead, and cost of Goods Sold Post relevant data from your journaler to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account Manufacturing overhead Coot of goods sold Finished gode Work in process Debit Credit 4,800.00 4.401.00 75 00 324.00 whole dollar amount.) 4. Prepare an income statement for the year. Do not round Intermediate calculations and round your final answers to nearest Answer is complete but not entirely correct RAVSTEN COMPANY Income statement For the Year Ended December 31 press your face the return sure your storey terrace were mystered] Cret 4,000.00 718.000 1920 225.000 web Genel Masood Marting overed Cost of Fished WAR Cort of de Grosso Save Sweco 4.2003 75 000 13400 1 OLO 37200 81.901 1000 52000 RO NUO Den ene Operang income 178.841 4910 statement for the year. Do not round Intermediate calculations and round your final whole dollar amount) 4. Parteyes. De redusere Ang bawat w INC wwer is complete but not entirely correct. RAVILNCONIANY istene statement he Year End Decenter 718.000 1423 225.00 Os 13200 1.500 1000 $2.000 8.200 TT BAD RO O