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 $ 24,000 $13,200 $ 31,600 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 37,600 machine-hours and incur $161,680 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $232,000. b. Raw materials were requisitioned for use in production: $206,000 (85% direct and 15% indirect). c. The following costs were incurred for employee services: Direct labour Indirect labour Sales commissions Administrative salaries $172,800 $ 30,200 $ 40,800 $ 86,400 d. Heat, power, and water costs were incurred in the factory: $49,200. e. Prepaid insurance expired during the year: $18,000 (80% relates to factory operations, and 20% relates to selling and administrative activities) f. Advertising costs were incurred, $58,000. g. Depreciation was recorded for the year: $69,600 (75% relates to factory operations, and 25% relates to selling and administrative activities). h. Manufacturing overhead cost was applied to production. The company recorded 43,200 machine-hours for the year. i. Goods that cost $530,100 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totalled $774,400 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $521,900. 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 list Journal entry worksheet