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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: 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 $158,400 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $207,500 b. Raw materials were requisitioned for use in production: $197,500 ( 80% direct and 20% indirect) c. The following costs were incurred for employee services: d. Heat, power, and water costs were incured in the factory: $43,500. e. Prepaid insurance explred during the year: $11,500(90% relates to factory operations, and 10% relates to selling and administrative activities) 1. Advertising costs were incurred, $51,500. 9. Depreciation was recorded for the year: $61.200185% 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 $498.000 to manufacture according to their job cost shects were transferred to the finished goods warehouse. 1. Sales for the year totalled $752,500 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $490,000. sheets was $490,000 Viow transaction list View journal entry worksheet 2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your j to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balanc account. 2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journa to these T accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance in e account. 3-a. Is manufacturing overhead underapplied or overapplled for the year? Overapplied overhead Underapplied overhead 3.b. Prepare a joumal entry to properly dispose of any balance in the Manufacturing Overhead account. (Round your percentages and final answers to 2 decimal ploces. If no entry is required for a transaction/event, select "No journol entry required" in the first occount field.) 4. Prepare an income statement for the year. (Do not round intermediate colculations ond round your final answers to nearest whole dollor amount.) 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: 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 $158,400 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $207,500 b. Raw materials were requisitioned for use in production: $197,500 ( 80% direct and 20% indirect) c. The following costs were incurred for employee services: d. Heat, power, and water costs were incured in the factory: $43,500. e. Prepaid insurance explred during the year: $11,500(90% relates to factory operations, and 10% relates to selling and administrative activities) 1. Advertising costs were incurred, $51,500. 9. Depreciation was recorded for the year: $61.200185% 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 $498.000 to manufacture according to their job cost shects were transferred to the finished goods warehouse. 1. Sales for the year totalled $752,500 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $490,000. sheets was $490,000 Viow transaction list View journal entry worksheet 2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your j to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balanc account. 2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journa to these T accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance in e account. 3-a. Is manufacturing overhead underapplied or overapplled for the year? Overapplied overhead Underapplied overhead 3.b. Prepare a joumal entry to properly dispose of any balance in the Manufacturing Overhead account. (Round your percentages and final answers to 2 decimal ploces. If no entry is required for a transaction/event, select "No journol entry required" in the first occount field.) 4. Prepare an income statement for the year. (Do not round intermediate colculations ond round your final answers to nearest whole dollor amount.)