Ravsten Company uses a job-order costing system. On January 1, the beginning of the current yeat, 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 37,800 machine hours and incur $166,320 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $236,000. b. Raw materials were requisitioned for use in production: $208,000 ( 85% direct and 15% indirect). c. The following costs were incurred for employee services: d. Heat, power, and water costs were incurred in the factory: $50.100. e. Prepaid insurance expired during the year: $19,000(80% relates to factory operations, and 20% relates to selling and administrative activities). f. Advertising costs were incurred, $59,000 9. Depreclation was recorded for the year $70,800 (75\% relates to factory operations, and 25% relates to selling and administrative activities). h. Manufacturing overhead cost was applied to production. The company recorded 43,600 machine-hours for the yeaf: 1. Goods that cost $539.200 to manufacture according to their job cost sheets were transfetred to the finished goods warehouse. 1. Sales for the year totalled $783,700 and were all on account. The total cost to manufacture these goods according to their job cost. sheets was $530,600. Pequired: . Prepare journal entries to record the transactions given above. (Do not round intermediate colculations. If no entry is required for. transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 2.a. Is manufacturing overhead underappled or overapplied for the year