Same 11 journal entry setup:

2nd journal: Raw materials were requisitioned for use in production: $202,000 (85% direct and 15% indirect).

3rd journal: Record the costs that were incurred for employee services.

4th journal: Heat, power, and water costs were incurred in the factory: $47,400.

5th journal: Prepaid insurance expired during the year: $16,000 (80% relates to factory operations, and 20% relates to selling and administrative activities)

6th journal: advertising costs were incurred, $56,000

7th journal: Depreciation was recorded for the year: $67,200 (75% relates to factory operations, and 25% relates to selling and administrative activities

8th journal: Manufacturing overhead cost was applied to production. The company recorded 42,400 machine-hours for the year

9th journal: Goods that cost $511,900 to manufacture according to their job cost sheets were transferred to the finished goods warehouse

10th journal: Sales for the year totalled $755,800 and were all on account

11th journal: The total cost to manufacture these goods according to their job cost sheets was $504,500

3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. (Do not round intermediate calculations and round your final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field

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 $22,000 $12,400 $31,200 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 37,200 machine-hours and incur $152,520 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $224,000. b. Raw materials were requisitioned for use in production: $202,000 (85% direct and 15% indirect). c. The following costs were incurred for employee services: Direct labour Indirect labour Sales commissions Administrative salaries $169,600 $ 29,400 $ 39,600 $ 84.800 d. Heat, power, and water costs were incurred in the factory: $47,400. e. Prepaid insurance expired during the year: $16,000 (80% relates to factory operations, and 20% relates to selling and administrative activities). f. Advertising costs were incurred, $56,000. g. Depreciation was recorded for the year: $67,200 (75% relates to factory operations, and 25% relates to selling and administrative activities). h. Manufacturing overhead cost was applied to production. The company recorded 42,400 machine-hours for the year. i. Goods that cost $511,900 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totalled $755,800 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $504,500. Journal entry worksheet 2 3 4 5 6 7 8 11 > Raw materials were purchased on account: $224,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal 2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your jou to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance i account. Raw Materials Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Work in Process Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal. 0 Check my work Finished Goods N Beg. Bal. End. Bal. 28 points eBook References 3-a. 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. (Do not round intermediate calculations and round your final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 2 Journal entry worksheet A > nts Record the entry to properly dispose of any balance in the Manufacturing Overhead account. eBook Note: Enter debits before credits. eferences General Journal Debit Credit Event 1 Record entry Clear entry View general journal 4. Prepare an income statement for the year. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) RAVSTEN COMPANY Income Statement For the Year Ended December 31 Selling and administrative expenses: 0 $ 0