please answer 3b and 4

1 Overapplied overhead Underapplied overhead 2 ports 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) Credi No 1 Event 1 leba 3.000.00 Answer is complete but not entirely correct. General Journal Manufacturing overhead Cout of goods sold Work in process Finished goods OOOO 2729 LES 2014 4. Prepare an income statement for the year (Do not round Intermediate calculations and round your finanswers to nearest whole dollar amount Answer is complete but not entirely correct. RAVSTEN COMPANY F 1 of 2 Next > Return to questi 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. $ 700.000 472270 227730 RAVSTEN COMPANY Income Statement For the Year Ended December 31 Sales Cost of goods sold Gross profit Seling and administratives Administrative salaries 80 000 Advertising on 50.000 Insurance experts 1 000 Depreciation expose 5.000 Sales commission 36.000 Operating income OOO OOOOOO 176.000 551730 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: Raw materials Work in process Finished goods $ 16,000 $ 10,000 $ 30,000 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,000 machine-hours and incur $153.000 in manufacturing overhead cost. The following transactions were recorded for the year a. Raw materials were purchased on account $200.000 b. Raw materials were requisitioned for use in production $190.000 (80% direct and 20% indirect). c. The following costs were incurred for employee services Direct labour Indirect labour Sales commissions Administrative salaries $160,000 $ 27,000 $36,000 $ 30,000 d. Heat, power, and water costs were incurred in the factory $42,000 e Prepaid insurance expired during the year: $10,000 (90% relates to factory operations, and 10% relates to selling and administrative activities) f. Advertising costs were incurred, S50,000 g. Depreciation was recorded for the year. $60,000 (85% relates to factory operations, and 15% relates to selling and administrative Prev 1 of 2 !!! Next > g. Depreciation was recorded for the year: 560,000 (85% relates to factory operations, and 15% relates to selling and administrative activities). h Manufacturing overhead cost was applied to production. The company recorded 40.000 machine-hours for the year. 1. Goods that cost $480,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse j. Sales for the year totalled $700,000 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $475,000 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 Credit 1 B Raw materials Accounts payable Debit 200,000 DO 200.000 2 b. Work in process Manufacturing overhead Raw materials 152000 38,000 o 190.000 3 C Work in process Manufacturing overhead Sales commissions expense Administrative salaries expense Salaries and wages payable OOOOO 160.000 27000 36.000 80 000 303.000 Proy 1 of 2 Next >