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d. Heat. power, and water costs were incurred in the factory: $44.000. e. Prepaid insurance expired during the year: $12.000(90% relates to factory operations, and 10% relates to selling and administrative activities). f. Advertising costs were incurred, $52,000. g. Depreciation was recorded for the year: $62,000 ( 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 $504,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. J. Sales for the year totalled $770,000 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $495,000. Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediote colculations, If no entry is required for a transoction/event, select "No journal entry required" in the first account field.) 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. Required: Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required for transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 3-0. 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 o transoction/event, select "No journal entry required" in the first occount field.) Journal entry worksheet Record the entry to properly dispose of any balance in the Manufacturing Ovethead account. Note: Enter debits before credits. 4. Prepare an incorne statement for the year. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) 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 $160,200 in manufacturing overhead cost. The following transactions were recorded for the vear: a. Raw materials were purchased on account: $210,000. b. Raw materials were requisitioned for use in production: $200,000 (80\% direct and 20% indirect). c. The following costs were incured for employee services: d. Heat, power, and water costs were incurred in the factory: $44,000. e. Prepaid insurance explred during the year $12,000(90% relates to factory operations, and 10% relates to selling and adininistrative activities) 1. Advertising costs were incurred, $52.000. a. Depreciation was recorded for the vear: $62.000 (85\% relates to factorv operations, and 15% relates to selling and administrative 3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. (Round your percentoges and 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.) Journal entry worksheet Record the entry to properiy dispose of any balance in the Manufacturing Overhead account. Note: Enter debats before credits