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	$	17,000
Work in process	$	10,400
Finished goods	$	30,200

The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,200 machine-hours and incur $157,470 in manufacturing overhead cost. The following transactions were recorded for the year:

afleets WOb D 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.) View transaction lat View journal entry worksheet x No Transaction General Journal Debit Credit 2 b. No Transaction Recorded 4 d. No Transaction RecordedRequired: 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.) View transaction Ilat Journal entry worksheet 3 4 5 7 11 Raw materials were purchased on account: $204,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general Journal2. 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 Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal. 0 Work in Process Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal. Finished Goods Beg. Bal. End. Bal.3-b. Prepare a journal entry to properly dispose of any balance In the Manufacturing Overhead account. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction Ilat Journal entry worksheet A Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal4. Prepare an Income statement for the year. (Do not round Intermediate calculations and round your final answers to nearest whole dollar amount.) RAVSTEN COMPANY Income Statement For the Year Ended December 31 Selling and administrative expenses