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 $156,240 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $204,500. b. Raw materials were requisitioned for use in production: $194,500 ( 80% direct and 20% indirect). c. The following costs were incurred for employee services: Heat, power, and water costs were incurred in the factory: $43,000. Prepaid insurance expired during the year: $10,900(90% relates to factory operations, and 10% relates to selling and administrative activities). Advertising costs were incurred, $50,900 Depreciation was recorded for the year: $60,800 (85\% relates to factory operations, and 15% relates to selling and administrative d. Heat, power, and water costs were incurred in the factory: $43,000, e. Prepaid insurance expired during the year: $10,900 (90\% relates to factory operations, and 10% relates to selling and administrative activities). f. Advertising costs were incurred, $50,900 9. Depreciation was recorded for the year: $60,800 (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. i. Goods that cost \$490,800 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totalled $731,500 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $484,000 2. Prepare jourmall entries to record the transactions given above. (Do nos round intermediese calculecions. if no entry is requirecif for a trinsactign/avent, select "No journal entry required" in the first account field.)