please solve ful sum till the end. I have attached 10-15 pictures.
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 $153,720 in manufacturing ovethead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account $201,000. b. Raw materials were requisitioned for use in production: $191,000 (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: $42,200. e. Prepaid insurance expired during the year $10,200 ( 90% relates to foctory operations, and 10% relates to selling and administrative actlvities) d. Heat, power, and water costs were incurred in the factory: $42,200. e. Prepaid insurance expired during the year: $10,200 ( 90% relates to factory operations, and 10% relates to selling and administrative activities). f. Advertising costs were incurred, $50,200. 9. Depreciation was recorded for the year: $60,000 ( 85% 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 $482.400 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totalled $707,000 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $477,000 Required: 1. Prepare joumal entries to record the transactions glven above. (Do not round intermediote calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first occount field.) Journal entry worksheet 567811 Raw materials were requisitioned for use in production: $191,000(80% direct and 20% indirect). Note: Enter debits before credits. Journal entry worksheet 567 Record the costs that were incurred for employee services. Note: Enter debits before credits. Journal entry worksheet 1 2 6 7 8 Heat, power, and water costs were incurred in the factory: $42,200. Note: Enter debits before credits. Journal entry worksheet 1 23 7 8 11 Prepaid insurance expired during the year: $10,200(90% relates to factory operations, and 10% relates to selling and administrative activities). Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Depreciation was recorded for the year: $60,000(85% relates to factory operations, and 15% relates to selling and administrative activities). Note: Enter debits before credits. Journal entry worksheet (1 Manufacturing overhead cost was applied to production. The company recorded 40,000 machine-hours for the year. Note: Enter debits before credits. Journal entry worksheet (1) ,4567 Goods that cost $482,400 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. Note: Enter debits before credits. Journal entry worksheet (1) 45678 Sales for the year totalled $707,000 and were all on account. Note: Enter debits before Gedits. Journal entry worksheet (1) 45678 The total cost to manufacture these goods according to their job cost sheets was $477,000. Note: Enter debits before credits. 2. Prepare Taccounts for inventorles, 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 3-6. Is manufacturing overhead underapplied or overapplied for the year? Overapplied overhead Underapplied overhead 3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. (Round your percentages and final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the firs account field.) Journal entry worksheet Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Mote: Enter debits before credits: 4. Prepare an income statement for the year (Do not round intermediate calculations and round your final answers to nea whole doller amount.) Income Statement For the Year Ended December 31 Depreciation expense Insurance expense Manufacturing overhead Sales Sales commissions
