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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 $154,800 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materlals were purchased on account. $202,500 b. Raw materlais were requisitioned for use in production: $192,500(80% direct and 20% indirect). c. The following costs were incurred for employee services: d. Heat, power, and water costs were incurred in the factory: $42,500 e. Prepaid insurance expired duting the yeac $10,500(90% relates to factory operations, and 10% relates to selling and administrative actuvities) t. Advertising costs were incurred, $50,500 9. Depreciation was recorded for the year: $60.600(85% relates to factory operations, and 15% relates to selang and administratrve: actrities) h. Manutacturing ovemead cost was applied to production. The company recorded 40,000 macnine-hours for the year. 1 Goods that cost $486,000 to manufacture according to their job cost sheets were transferred to the finlshed goods warehouse. 1. Saies for the year totalled 577,500 and were all on account. The total cost to martufacture these goods according to their job cost Required: 1. Prepare guinal enties to recora the transactions given above. (Do not round intermediate colculotions. If no entry is required for o tronsection/event, seiect "No journel entry required" in the first occount fleld.) Required: 1. Prepare joumal entries to record the transactions given above. (Do not round intermedlate caiculations. If no entry is required for a transaction/event, select "No joumal entry required" In the first account fleid.) Journal entry worksheet 2. piepare Taccounts for inventorles. Manuracturing Overhead, and Cost of Goods Sold. Post reievant data from your journal entries 6o these Faccounts (dont forget to enter the opening balances in your iwentory accounts), Compute an ending balance in each 2. Prepare Taccounts for miventones, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to there T-accounts (dont forget to enter the opening balances in your inventory accounts) Compute an ending balance in each account. 3.2. is manufacturing ovenead underappied or overasphed for the year? Underiapied overitas Ore aspitd oieintad 3-b. fiepare a jourhat entry ts properly expose of any baiance in the Manufactuding Oveinead account, (Round your percentagec and finat enswers to 2 decimal pieces. If no entry is requirea for s trsnsection/ vevent, select. No journai entry required in the first 3-b. Prepare a joumal entry to properly dispose of any balance in the Manufacturing Overhead account. (Round your percentages and nnal antwers to 2 decimal piaces. If no entry is required for a transaction/event, select "No journal entry required" in the first eccount feld.) Journal entry worksheet Record the entry to properly dispose of any balance in the Manufacturing Overhnad account. 4. Prepare ah income statement for the year (Do not round intermediate caiculotions and round your final answers to nearest. whole oolier emount.) Motes i nier debits byfore creitlits. 4. Prepare an income statement for the year, (Do not round Intermedlate calculations and round your final answers to nearest Whole dollar amount.)