The compeny apples overhead coat to jobe on the hasis of mechine-hours. For the eurrent year, the company estimeted that it weuld work 35 . oco mechine houn and incur 5154,060 in manufacturing overthead cost. The following transactlons were recordsd for the year a. Raw materiab were purchased on acoount $201.500 b. Row materiat were requhationed for use in production: 5101,500 (60\% direct and 20% indirect. c. The fobowing costs were incurred for ertployee services d. Heat, power, and water costs were incurred in the factory, $42,300 C. Prepaid lnsuranoe explred during the year $10,300 (90\%, relates to factory operations, and 10% relatis to selling and administrative actitibes) I. Advertising costs were incurred, 550,300 . 9. Depreclation wes recorded for the year: $60,200 (05\% relates to factory operations, and 15% relates to selling and adriniatrabve activites) h. Manutacturing overhead cott wos appled to production. The company recorded 40,000 machine hours for the yeat. L. Goods that cost $483,600 to manulacture according to their job cost sheets were transferred to the finlahed goods warebouse. i. Sales for the year totalled \$710,500 and were all on account. The total cost to manulacture these goods according to their job cost sheets was $478,000 Reguired. 1. Prepare journal entios to record the transactions olven abeve. (Do not round interinediate calcutations, If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare T-accounts for imentories, Manufacturing Overtead, and Cost of Goods Sold. Post relevant data from your journal entrios to these T-accounts (don't forget to enter the opering balances in your inventory accounts). Compute an ending balance in each account. 2-a. Is manufacturing overhead undersppled or brerappled for the year7. Ondersched overhest Qoveingphed onvithes? Journal entry worksheet