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Practice Problem 4 Hogle Company is a manufacturing firm that uses job-order costing. On Jan. 1. the beginning of its fiscal year, the company's inventory balances were as follows: Raw Materials Work in Process Finished Goods $20,000 15,000 30,000 The company applies overhead cost to jobs on a machine hour basis. For the current year, Hogle had estimated that it would work 75,000 machine hours and incur $450,000 in manufacturing overhead costs. The following transactions were recorded for the year: a. Raw materials were purchased on account for $410,000 b. Raw materials were requisitioned for use in production $380,000 ($20,000 were indirect). c. The following costs were incurred for employee services: direct labor $75,000; indirect labor $110,000; sales commissions $90,000; administrative salaries $200,000. d. Sales travel costs were incurred, $17,000. e. Utility costs were incurred for the factory, $43,000. f. Advertising costs incurred were $180,000. g. Depreciation was recorded for the year of $350,000 (80% relates to factory operations) h. Insurance expired during the year was $10,000 (70% relates to factory operations) i. 80,000 machine hours were used during the period. j. Goods costing $900,000 were completed during the period. k. Goods were sold on account for $1,500,000. The goods cost $870,000 to produce. Prepare journal entries and an income statement for the year