Required:

1. Prepare journal entries to record the transactions for the year.

2. Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts).

3A. Is Manufacturing Overhead underapplied or overapplied for the year?

3B. Prepare journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.

4. Prepare income statement for the year. All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.

6 Connect X ,6) Alliournal entries have been re x I 5 ACT 222, HM CH2 X I + an 6 6 C i ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvuws.westernsydney.edu.au%252Fwebapps%252Fp... it A u t 0 Quiz 3 3 Saved Help Save 8. Exit Submit Check my work 14 a. Raw materials purchased on account, $ 166,000. b. Raw materials used in production. $142,000 (materials costing $127,000 were charged directly to jobs; the remaining materials were indirect). c. Costs for employee services were incurred as follows: 718 points Direct labor 5 162, 000 Indirect labor 5 230, 600 Sales commissions 5 26, 000 a Administrative salaries S 44, 000 eBook I E: d. Rent for the year was $18,900 ($13,500 of this amount related to factory operations, and the remainder related to selling and administrative activities). e. Utility costs incurred in the factory, $17,000. 3 f. Advertising costs incurred, $12,000. References 9. Depreciation recorded on equipment, $21,000. ($17,000 of this amount related to equipment used in factory operations; the remaining $4,000 related to equipment used in selling and administrative activities.) h. Record the manufacturing overhead cost applied to jobs. i. Goods that had cost $229,000 to manufacture according to theirjob cost sheets were completed. j. Sales for the year (all paid in cash) totaled $503,000. The total cost to manufacture these goods according to theirjob cost sheets was $216,000. Required: 1. Prepare journal entries to record the transactions for the year. 2. Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts). 3A. ls Manufacturing Overhead underapplied or overapplied for the year? 3B. Prepare ajournal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 4. Prepare an income statement for the year. All of the information needed for the income statement is available in the journal entries and Taccounts you have prepared. Complete this questlon by enteran your answers In the tabs below. Mc Elli\"