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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: The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,000 machine-hours and incur $155,520 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $203,500. b. Raw materials were requisitioned for use in production: $193,500 ( 80% direct and 20% indirect). c. The following costs were incurred for employee services: d. Heat, power, and water costs were incurred in the factory: $42,700. e. Prepaid insurance expired during the year: $10,700 ( 90% relates to factory operations, and 10% relates to selling and administrative activities). f. Advertising costs were incurred, $50,700. g. Depreciation was recorded for the year: $60,700 ( 85% relates to factory operations, and 15% relates to selling and administrative activities). h. Manufacturing overhead cost was applied to production. The company recorded 40,000 machine-hours for the year. i. Goods that cost $488,400 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totalled $724,500 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $482,000. \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow[t]{5}{*}{3} & c. & Work in process & 2 & 163,500 & \\ \hline & & Manufacturing overhead & 2 & 27,700 & \\ \hline & & Salaries and wages payable & x & x & 191,200 \\ \hline & & Administrative salaries expense & & 118,100 & \\ \hline & & Salaries and wages payable & 2 & & 118,100 \\ \hline \multirow[t]{2}{*}{4} & d. & Manufacturing overhead & 2 & 42,700 & \\ \hline & & Accounts payable & 2 & & 42,700 \\ \hline \multirow[t]{3}{*}{5} & e. & Manufacturing overhead & 2 & 9,630 & \\ \hline & & Administrative salaries expense & & 1,070 & \\ \hline & & Prepaid insurance & 2 & & 10,700 \\ \hline \multirow[t]{2}{*}{6} & f. & Administrative salaries expense & & 50,700 & \\ \hline & & Accounts payable & 2 & & 50,700 \\ \hline \multirow[t]{3}{*}{7} & g. & Manufacturing overhead & 2 & 51,595 & \\ \hline & & Administrative salaries expense & x & 9,105 & \\ \hline & & Accumulated depreciation & 2 & & 60,700 \\ \hline \multirow[t]{2}{*}{8} & h. & Work in process & 2 & 172,400 & \\ \hline & & Manufacturing overhead & 2 & & 172,400 \\ \hline \multirow[t]{2}{*}{9} & i. & Finished goods & 2 & 488,400 & \\ \hline & & Work in process & 2 & & 488,400 \\ \hline \multirow[t]{2}{*}{10} & j1. & Accounts receivable & 2 & 724,500 & \\ \hline & & Sales & 0 & & 724,500 \\ \hline \multirow[t]{2}{*}{11} & J2 & Cost of goods sold & 2 & 482,000 & \\ \hline & & Finished goods & 2 & & 482,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Raw Materials } & \multicolumn{4}{|c|}{ Manufacturing Overhead } \\ \hline Beg. Bal. & 16,700 & & & Beg. Bal. & 00 & & \\ \hline & 203,500 & 193,500 & b. & & 38,700 & 172,400 & 2 \\ \hline End. Bal. & 26,700 & & & 0 & 27,700 & & \\ \hline & & & & 2 & 42,700 & & \\ \hline & & & & 2 & 9,630 & & \\ \hline & & & & 2 & 51,595 & & \\ \hline & & & & End. Bal. & & 2,075 & \\ \hline \multicolumn{4}{|c|}{ Work in Process } & \multicolumn{4}{|c|}{ Cost of Goods Sold } \\ \hline Beg. Bal. & 10,700 & & & Beg. Bal. & 0 & & \\ \hline 2 & 154,800 & 488,400 & 2 & & 482,000 & & \\ \hline 2 & 163,500 & & & End. Bal. & 482,000 & & \\ \hline 2 & 172,400 & & & & & & \\ \hline End. Bal. & 13,000 & & & & & & \\ \hline & Finished & Soods & & & & & \\ \hline Beg. Bal. & 31,400 & & & & & & \\ \hline 2 & 488,400 & 482,000 & 2 & & & & \\ \hline End. Bal. & 37,800 & & & & & & \\ \hline \end{tabular} Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 4. Prepare an income statement for the year. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.)