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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: and materials Work in process Finished goods $21,500 $12,200 $31,100 The company apples overhead cost to jobs on the basis of machine hours. For the current year, the company estimated that it would work 37100 machine hours and incur $150.255 in manufacturing overhead cost. The following transactions were recorded for the year a. Raw materials were purchased on account: $222,000. b. Raw materials were requisitioned for use in production: $201.000 (85% diect and 15% Indirect), c. The following costs were incurred for employee services: Direct labour Indirect labour Sales comissions Administrative salaries 5168,800 $ 29,200 $19.30 $ 54,400 d. Heat power, and water costs were incurred in the factory: $46.950, e Prepaid insurance expired during the year: $15.500 (80% relates to factory operations, and 20% relates to selling and administrative activities) Advertising costs were incurred, $55,500 4. Depreciation was recorded for the year: 566,600 75% relates to factory operations, and 25% relates to selling and administrative activities) 1 Advertising costs were incurred $55,500 g. Depreciation was recorded for the year $66,600 (75% relates to factory operations, and 25% relates to selling and administrative activities). h. Manufacturing overhead cost was applied to production. The company recorded 42.200 machine hours for the year. Goods that cost $507,500 to manufacture according to their job cost sheets were transferred to the finished goods warehouse Sales for the year totalled $751,200 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $500,300 Required: 1. Prepare Journal entries to record the transactions given above. (Do not round Intermediate calculations. W no entry is required for transaction/event, select "No journal entry required in the first account field) View transaction list Journal entry worksheet 1 5 6 RE 11 Raw materials were purchased on account: $222,000. Note Enter dets before credits Trannection General Journal Debit Credit 2. Prepare T-accounts for inventories, 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 Raw Materials Manufacturing Overhead Beg Bal Beg Bal End Bal 0 End Bal Work in Process Cost of Goods Sold Beg Bal Beg Bai End Bal End Finished Goods Beg Bal End Bar 0 3-a. Is manufacturing overhead underapplied or overapplied for the year? Underapplied overhead Overapplied overhead 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.) View transaction ist Journal entry worksheet Record the entry to properly dispose of any balance in the Manufacturing Overhead account. New before credit Event 1 General Journal Debit Credit Event General Journal Debit Credit 1 Record entry Clear entry View general Journal 4. Prepare an income statement for the year (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) RAVSTEN COMPANY Income Statement For the Year Ended December 31 0 Selling and administrative expenses