NEED ANSWER ASAP

h. Manulacturing overhead cost was applied to production. The company recorded 40,000 machine-hours for the year. 1. Goods that cost $499,200 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totalled $756,000 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $491,000 Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required for o tronsaction/event, select "No journal entry required" in the first occount field.) 4. Prepare an income statement for the yeat. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) Underapplied overhead Overapplied overhead 3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. (Round your percentages and final answers to 2 decimol ploces. If no entry is required for o transoction/event, select "No journal entry required" in the first occount field.) Journal entry worksheet Record the entry to properly dispose of any balance in the Manufocturing Overhead account. Note: inter debits before credts. 2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account. Ravsten Company uses a job order costing system. On January 1 , the beginning of the current year, the comparry'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 $158,760 in manufacturing overthead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $208,000 b. Raw materials were requisitioned for use in production: $198,000 ( 80% direct and 20% indirect) c. The following costs were incurred for employee services. d. Heat, powec, and water costs were incurred in the factory $43,600 e. Prepaid insurance expired during the year: $11,600(90% relates to factory operations, and 10% relates to selling and administrative activities) f. Advertising costs were incurred, $51,600. q. Depreclation was recorded for the vear. $61,600185% relates to factory operations, and 15% relates to selling and administrative Raw materials were purchased on account: $208,000. Note: Enter detats before credits 2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account