Raw materials were requisitioned for use in production: $192,500 ( 80% direct and 20% indiresct). Note: Enter debits before credits. Manufacturing overhead cost was applied to production. The company recorded 40,000 machine-hours for the year. Note: Enter debits before credits. d. Heat, power, and water costs were incurred in the factory: $42,500 e. Prepaid insurance expired during the year, $10,500(90% relates to factory operations, and 10% relates to seling and administrative activities). f Advertising costs were incurred, $50,500 9 Depreciation was recorded for the year $60,600(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-hoors for the year. 1. Goods that cost $486,000 to manufacture occording to their job cost sheets were transferred to the finished goods warehouse. Prepaid insurance expired during the year: $10,500 ( 90% relates to factory operations, and 10% relates to selling and administrative activities). Note: Enter debits before crdits. Depreciation was recorded for the year: $60,600 ( 85% relates to factory operations, and 15% relates to selling and administrative activities). Note: Enter debits before crdits. Journal entry worksheet \begin{tabular}{l|lll} 3 & 5 & 6 & 7 \end{tabular} Raw materials were purchased on account: $202,500. Note: Enter debits before credits. The total cost to manufacture these goods according to their job cost sheets was $480,000. Note: Enter debits before credits. 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 applles 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 $154,800 in manufacturing overhead cost The following transactions were recorded for the year: a. Raw materials were purchased on account $202,500 b. Raw materials were requisitioned for use in production $192,500 ( 80% direct and 20% indirect) c. The following costs were incurred for employee services Sales for the year totalled $717,500 and were all on account. Note: Enter debits before credits. Prepare an income statement for the year. (Do not round intermediate calculations and round your final answers to nearest hole dollar amount.) Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Note: Enter debits before credits. 3-a. Is manufacturing overhead underapplied or overapplied for the year? Underapplied overhead Overapplied overhead Goods that cost $486,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. Note: Enter debits before credits. Heat, power, and water costs were incurred in the factory: $42,500. Note: Enter debits before credits. Advertisinglcosts were incurred, $50,500. Note: Enter debits before credits. to these T-accounts (don't forties, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries account