REQUIRED: 1) Prepare journal entries to record the transactions for the year. 2) 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. 3) Is Manufacturing Overhead underapplied or overapplied for the year? Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 4) Prepare an income statement for the year ended 30 June 2006. (Do not prepare a schedule of cost of goods manufactured; all of the information needed for the income statement is available in the journal entries and Taccounts you have prepared). 5) What IF Analysis: Repeat requirement in (3), assuming the underapplied/overapplied overhead is distributed among the Work In Process, Finished Good And Cost Of Goods Sold Accounts. Prepare related journal entry. Som Sdn Bhd produces antique dishes at a plant located in Changlun, Kedah. Many of the products are made only when the company received order from customers. The company uses a job-order costing system. On 1 July 2020, inventory account balances were as follows: Raw Materials RM10,000 Work in Process RM4,000 Finished Goods RM8,000 Total RM22,000 The company applies overhead cost to jobs on the basis of machine hours. For the scal year starting 1 July 2020, it was estimated that the plant would operate 45,000 machine hours and incur RM99,000 in manufacturing overhead cost. During the year, the following transactions were completed: 1. Raw materials purchased on account, RM160,000. 2. Raw materials requisitioned for use in production, RM140,000 (materials costing RM120,000 were chargeable directly to jobs; the remaining materials were indirect). 3. Costs for employee services were incurred as follows: Direct labor RM90,000 Indirect labor RM60,000 Saies commissions RM20,000 Administrative saiaries RM50,000 4. Prepaid insurance expired during the year, RM18,000 (Rh/113,000 of this amount related to factory operations, and the remainder related to selling and administrative activities). 5. Utility costs incurred in the factory, RM10,000. 6. Advertising costs incurred, RM15 ,000. 7. Depreciation recorded on equipment, RM25,000. (RM20,000 of this amount was on equipment used in factory operations; the remaining RM5,000 was on equipment used in selling and administrative activities). 8. Manufacturing overhead cost was applied to production, RM _2 (The company recorded 50,000 . machine hours of operating time during the year). 9. Goods that had cost RM310,000 to manufacture according to their job cost sheets were transferred into nished goods warehouse. 10. Sales (all on account) to customers during the year totaled RM498,000. These goods had cost RM308,000 to manufacture according to their job cost sheets