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: Raw materials Work in process Finished goods $18,000 $10,800 $10,400 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36.400 machine hours and incur $161.980 in manufacturing overhead cost. The following transactions were recorded for the year a Raw materials were purchased on acount $208,000 b. Row materials were requisitioned for boe in production $194.000 (80% direct and 20% indirect) c. The following costs were incurred for employee services Direct labour Indirect labour Sales commissions Administrative salaries $163,200 $ 27,000 $ 37,200 $ 31,600 d. Heat power and water costs were incurred in the factory $43,800 e Prepaid insurance expired during the year $12.000 (85 relates to factory operations and 15 to sing and administrative activities Advertising costs were incurred. 552.000 9. Depreciation was recorded for the year 562.400.90 relates to factory operations and 10 belote to seling and administrative activities) Manufacturing overhead COST was applied to production. The company recorded 40.800 machine hours for the year Geth TA Tathat the d. Heat, power, and water costs were incurred in the factory $43,800 e Prepaid insurance expired during the year $12,000 (85% relates to factory operations, and 15% relates to selling and administrative activities) 1. Advertising costs were incurred, $52,000 9. Depreciation was recorded for the year. 562.400 (90% relates to factory operations, and 10% relates to selling and administrative activities) Manufacturing overhead cost was applied to production. The company recorded 10,800 machine-hours for the year Goods that cost $497,600 to manufacture according to their job cost sheets were transferred to the finished goods warehouse Sales for the year totalted $718,600 and were all on account. The total cost to manufacture these goodi according to the job cot sheets was $491,800 Required: 1. 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 1 2 4 5 7 11 > Haw materials were purchased on: 200.000 Transaction D 2000 Guma Manufacturing overhead Cost of 2000 Finished good Warin Red Chwy View Help Save & EX 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 Raw Materials Manufacturing head Beg Bal Beg Bal End Bal End Bal Work in Process Cost of Goods Sold Beg Bal Beg Bar End Bal End Bal Finished Goods Beg Bal End Bal 1 manufacturing overhead underapplied or overopplied for the year! Seve Underapplied overhead O Overapplied overhead 3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account to intermediate calculations and round your final answers to 2 decimal aces. If not sure for a reaction event, le journal entry required in the first accountfield) View action Journal entry worksheet Record the entry to properly dispose of any balance in the manufacturing Overhead account D Crode General