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Ravsten Combtimy 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 36,600 machine-hours and incur $166,530 in manufacturing overhead cost. The following transactions were recorded for the year. a. Raw materials were purchased on account: $212,000. b. Raw materials were requisitioned for use in production: $196.000 (80\% direct and 20% indirect). c. The following costs were incurred for employee services: d. Heat, powes. and water costs were incurred in the factory: $44,700. e. Prepaid instrance expired during the year. $13,000 (85\% relates to factory operations, and 15% relates to selling and administrative activities). f. Advertising costs were incurred, $53,000. 9. Depreciation was recorded for the year: $63,600 ( 90% relates to factory operations, and 10\% relates to selling and administrative activities). h. Manufacturing overhead cost was applied to production. The company recorded 41,200 machine-hours for the year. L. Goods that cost $506,500 to manufacture according to their job cost sheets were transferred to the finished goods warehouse j. Sales for the year totalled $727,900 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. If no entry is required for o transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 3456 Raw materials were purchased on account: $212,000. Note: Enter debits before credits. Journal entry worksheet 4567811 Raw materials were requisitioned for use in production: $196,000 ( 80% direct and 20% indirect). Note: Enter debits before credits. Journal entry worksheet Record the costs that were incurred for employee services. Note: Enter debits before credits. Journal entry worksheet Heat, power, and water costs were incurred in the factory: $44,700. Note: Enter debits before credits. Prepaid insurance expired during the year: $13,000 ( 85% relates to factory operations, and 15% relates to selling and administrative activities). Note: Enter debits before credits. Journal entry worksheet 2 3 4 Advertising costs were incurred, $53,000. Note: Enter debits before credits. Journal entry worksheet Depreciation was recorded for the year: $63,600(90% relates to factory operations, and 10% relates to selling and administrative activities). Note: Enter debits before credits. Journal entry worksheet Manufacturing overhead cost was applied to production. The company recorded 41,200 machine-hours for the year. Note: Enter debits before credits. Journal entry worksheet Goods that cost $506,500 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. Note: Enter debits before credits. Journal entry worksheet Sales for the year totalled $727,900 and were all on account. Note: Enter debits before credits. Journal entry worksheet 4 8 9 The total cost to manufacture these goods according to their job cost sheets was $500,300. Note: Enter debits before credits. 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. 3-a. Is manufacturing overhead underapplied or overapplied for the year? 3-a. 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. (Do not round intermediote calculotions and round your finol answers to nearest whole dollor amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry to properly dispose of any balance in the Manufacturing Journal entry worksheet Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Note: Enter debits before credits. 4. Prepare an income statement for the year. (Do not round intermediate calculations and round your final answers to neorest Whole dollar amount.)