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Problem 3-16 (Algo) Comprehensive Problem (LO3-1, LO3-2, LO3-4) Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales The company uses a job order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $75,000 of manufacturing overhead for an estimated activity level of $50,000 direct labor dollars. At the beginning of the year, the inventory balonces were as follows: raw materiala Work in process Finished goods $10,100 54,900 $ 8,000 During the year, the following transactions were completed: Raw materials purchased on account 5166,000, b, Raw materials used in production, $144,000 (materials costing $129,000 were charged directly to jobs; the remaining materials were Indirect) c Costs for employee services were incurred as follows Direct labor Indirect labor Sales commissione Administrative salaries $ 162,000 5.171,400 $ 26,000 $44.000 d. Rent for the year was $18,700 ($13,200 of this amount related to factory operations, and the remainder related to selling and administrative activities) e Utility costs incurred in the factory, $15,000 1. Advertising costs incurred, $10,000 9. Depreciation recorded on equipment. $21,000 ($15,000 of this amount related to equipment used in factory operations, the remaining $6,000 related to equipment used in selling and administrative activities.) h. Manufacturing overhead cost was applied to jobs, $. ? Goods that had cost $226,000 to manufacture according to their job cost sheets were completed, J. Sales for the year (all paid in cash) totaled $505,000. The total cost to manufacture these goods according to their job cost sheets 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? 38. 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. All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 Req Reg 38 Reg 4 Prepare journal entries to record the transactions for the year. (If no entry is required for a transaction/event, sect "No journal entry required" in the first account held. Do not round intermediate calculations.) View transaction flat Journal entry worksheet Raw materials purchased on account, $166,000. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry viorksheet Raw materials used in production, $144,000 (materials costing $129,000 were charged directly to jobs; the remaining materials were indirect). Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry Journal entry worksheet