Question: I need help with the problems that are wrong. Thank you Gold Nest Company of Guancong, China, s mly owned enterprise themsies birdcages for the






I need help with the problems that are wrong. Thank you
Gold Nest Company of Guancong, China, s mly owned enterprise themsies birdcages for the South Chine market. The company seiss birdcages through an extensive network of street vendors who receive commission on their sales The company uses job-order coating system in which overheads applied to jobs on the basis of direct labor cost predetermined overhead rate is based on cost formula that estimated $78,000 of manufacturing overhead for an estimated activity level of $40,000 direct labor dolor. At the beginning of the year the entry balances were as follows: Raw materials Work in process Finished goods $10,90 $4.488 $ 8, 18e During the year, the following transactions were completes a. Raw materiais purchased on account, $ 170,000. b. Raw materials used in production. $149,000 (materials costing $126.000 were charged directly to jobs: the remaining materiais were Indirect c. Costs for employee services were incurred as follows: Direct labor Indirect labor Sales comissions Administrative salaries $165, eee $234,900 $ 25, ese $ 48, eae d. Rent for the year was $18.600 ($13.900 of this amount related to factory operations, and the remainder related to selling and administrative activities) e. Ulity costs incurred in the factory, $12.000 + Advertising costs incurred. $14.000 Depreciation recorded on equipment, $22.000. ($17,000 of this amount related to equipment used in factory operations, the remaining $5,000 related to equipment used in selling and administrative activities. h Record the manufacturing overhead cost sopled to jobs. I Goods that had cost $227,000 to manufacture according to their job cost sheets were completed Sales for the year all paid in cash totaled $504,000. The total cost to manufacture these goods according to their job cost sheets was $215.000 Required: Presrefoumal entries to record the transactions for the year 2. Prepare T-accounts for each Inventory account Manufacturing Overead, and Cost of Goods Sold Poste r s from you Jumal entries to these Taccounts dont forget to enter the beginning balances in your inventory accounts JA I Manufacturing Overhead underspelled or overspalled for the year 38. Prepare a jumal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold 4. Prepare an income statement for the year Al of the information needed for the income statements s able in the journal entries and T-scout you have prepared the Prepare uma entries to record the transactions for the year. (no entry is required for a transaction/event, inal entry required in the first account fed. Do not round Intermediate allations Transaction General Jours De Creat Raw materials in process Manufacturing owerhead Raws xmm .zwmmw ium 349m Vork in process Manufacturing overhead Samson Administrative salaris expense Cach 48 %472 fam Manufacturing overhead Rent expense Cach iAP Mar ing overhead _jame 12 Advertisingapore Ame Manufacturing over Deprecation expense p reciation A 224 Working Manufacturing overhead 0_313110 & fama 7 27,19 1511 Cash Tim 1 Cost of goods said Fred goods , Complete this question by entering your answers in the tabs below. R1 R2 RARE Prepare T-accounts for each inventory account Manufacturing Overhead, and cast of Goods Sold. Post relevant data from your journal entries to these Taccounts (don't forget to enter the beginning balances in your inventory accounts). Do not round Intermediate calculations.) Work in Pro Reg Raw Materiais 100 17000 148.000 227,000 125,000 165.000 312,500 32.000 381,900 Manufacturing Overhead Finished Goods 8.100 22.00 22.000 313,500 1 131900 239 100 17.000 Cest at Goods Bold 313.500 311.00 Rag A > Complete this question by entering your answers in the tabs below. Req3B 4 is Manufacturing Overhead underapplied or overapplied for the year? O verapplied underapplied Complete this question by entering your answers in the tabs below. BA H3 Prepare a journal entry to close any balance in the Manufacturing Overhead account to cast of Goods Sold. (If no entry is required for a transactoryevent, select "To journal entry required in the first account field.) No General Journal Credit Transaction 1 Debit 13,700 1 Maring overhead Coat of artis sold 12700 Rog SA Raq 4 > Complete this question by entering your answers in the tabs below. R3B Prepare an income statement for the yaw. (Al of the information needed for the income statement is available in the journal entries and Tacourts you have prepared.) Gold Not Company Income statement For the Year Ended ales Cost of goods sold Cross margin seling and administrative expen 313.500 Adhane ales expense Rent expense Advertising exper Deprecationen 25,000 48.000 4,700 14.000 SOOS Account able Net operating income
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