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.) and administrative activities). 0. Manufacturing overhead cost was applied to production. The company recorded 40,000 machine-hours for the year. 9. Goods that cost $496,800 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. 10 Sales for the year totalled $749,000 and were all on account. 11 The total cost to manufacture these goods according to their job cost sheets was $489,000. Note : O= journal entry has been entered Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediote calculations, If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Raw materials were purchased on account: $207,000. Raw materials were requisitioned for use in production: $197,000 ( 80% direct and 20% indirect). 3. Record the costs that were incurred for employee services. 4 Heat, power, and water costs were incurred in the factory: $43,400. 5 Prepaid insurance expired during the year: $11,400 ( 90% relates to factory operations, and 10% relates to selling and administrative activities). 4. Prepare an income statement for the year. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) 3-o. Is manufacturing overhead underapplied or overapplied for the year? Overapplied overhead Underapplied overhead 3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account (Round your percentoges and final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first occount field.) Journal entry worksheet Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Note: Enter debits before credits. 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) 6 Advertising costs were incurred, $51,400. 7 Depreciation was recorded for the year: $61,400 (85\% relates to factory operations, and 15% relates to selling and administrative activities). B. Manufacturing overhead cost was applied to production. The company recorded 40,000 machine-hours for the year. 9 Goods that cost $496,800 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. 10. Sales for the year totalled $749,000 and were all on Note : O= fournal entry has been entered Ravsten Company uses a job-order costing system On January t, the beginning of the current year, the company's inventory balances were as follows: The compary applies overhead cost to jobs on the basis of machine hours, For the curnent year, the company estmated that it would work 36,000 machine-hours and incur $158,040 in manufactuting overhead cost. The following transactions were recorded for the year: a. Raw matenals were purchased on account $207,000. b. Raw materids were requistioned for use in production $1970000 (806 direct and 20 indirect). c. The following costs were incurred for employee services: d. Heat, power, and water costs were incurred in the factory: $43,400 e. Prepaid insurance expired during the year $11,400 (90\%s relates to factory opectations, and took telates to seling and administrative activities) f. Advertising costs were incurted, $51,400 9. Depreciation was recorded for the year, $61,400(85% relates to factory operations, and 15% refates to seling and adrinistratwe activities) h. Manufacturing overhead cost was applied to production, The cormpany recorded 40,000 machine-hours for the year 1. Goods that cost $495,800 to manutacture according to ther job cost sheets were translerred to the findhed goods warehouse. 1. Sales for the year totalled $749.000 and were all on account. The total cost to manufacture these goods accordifig to their foo cost. sheets was $489,000. 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