Please answer the following

Ravsten Company uses ajob-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw materials $19,500 Work in process $11,400 Finished goods $30,700 The company applies overhead cost to jobs on the basis of machinehours. For the current year, the company estimated that it would work 36,700 machine-hours and incur $168,820 in manufacturing overhead cost. The following transactions were recorded for the yean a. Raw materials were purchased on account: $214,000. b. Raw materials were requisitioned for use in production: $197,000 (80% direct and 20% indirect). c. The following costs were incurred for employee services: Direct labour $165,600 Indirect labour is 28,400 Sales commissions $ 38,100 Administrative salaries $ 82,800 {DP- ...=r Heat, power, and water costs were incurred in the factory: $45,150. Prepaid insurance expired during the year: $13,500 (85% relates to factory operations, and 15% relates to selling and administrative activities). Advertising costs were incurred, $53,500. Depreciation was recorded for the year: $64,200 (90% relates to factory operations, and 10% relates to selling and administrative activities). Manufacturing overhead cost was applied to production. The company recorded 41,400 machine-hours for the year. Goods that cost $510,900 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totalled $732,500 and were all on account. The total cost to manufacture these goods according to theirjob cost sheets was $504,500. 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.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 11 Raw materials were purchased on account: $214,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from yourjournal entries to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account. \f3-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.) View transaction list Journal entry worksheet Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal4. Prepare an income statement for the year. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) Selling and administrative expenses