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 $17,600 $11,600 $33,200 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 $158,760 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $208,000. b. Raw materials were requisitioned for use in production: $198,000 (80% direct and 20% indirect). c. The following costs were incurred for employee services: Direct labour Indirect labour Sales commissions $168,000 $ 28,600 $ 37,600 Administrative salaries $ 83,200 d. Heat, power, and water costs were incurred in the factory: $43,600. e. Prepaid insurance expired during the year: $11,600 (90% relates to factory operations, and 10% relates to selling and administrative activities). f. Advertising costs were incurred, $51,600. g. Depreciation was recorded for the year: $61,600 (85% relates to factory operations, and 15% relates to selling and administrative h. Manufacturing overhead cost was applied to production. The company recorded 40,000 machine-hours for the year. i. Goods that cost $499,200 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totalled $756,000 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $491,000. Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 3 4 5 6 7 8 11 Raw materials were purchased on account: $208,000. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal