Q2. Duronto Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's inventory balances were as follows: Raw materials Tk 36,000 Work in process Tk 41,000 Finished goods Tk 104,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 21,000 machine-hours and incur Tk 210,000 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased, Tk 346,000. b. Raw materials were requisitioned for use in production, Tk 338,000 (Tk 302,000 direct and Tk 36,000 indirect) c. The following employee costs were incurred: direct labor, Tk 360,000; indirect labor, Tk 68,000; and administrative salaries, Tk 111,000. d. Selling costs, Tk 153,000. e Factory utility costs, Tk 29,000. f. Depreciation for the year was Tk 102,000 of which Tk 93,000 is related to factory operations and Tk 9,000 is related to selling and administrative activities. & Manufacturing overhead was applied to jobs. The actual level of activity for the year was 19,000 machine hours. h. The cost of goods manufactured for the year was Tk 870,000. 1. Sales for the year totaled Tk 1,221,000 and the costs on the job cost sheets of the goods that were sold totaled Tk 855,000. j. The balance in the Manufacturing Overhead account was closed out to Cost of Goods Sold. Required: [Marks: 15] Prepare journal entries to record the preceding transactions