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Problem 5-19 Journal Entries; T-Accounts; Cost Flows (LO4, LOS, LO7] 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: Raw materials Work in process Finished goods $19,000 $11,200 $30,600 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36.600 machine-hours and incur $166,530 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $212,000. b. Raw materials were requisitioned for use in production: $196,000 (80% direct and 20% indirect). c. The following costs were incurred for employee services: Direct labour Indirect labour $164,800 $ 28,200 $ 37,800 Sales commissions $ 82,400 Administrative salaries i 2 10 points Check my work mode: This shows what is correct or incorrect for the work you have completed so far, it does not indicate completion b Raw materials were requisitioned for use in production: $106.000 (80% direct and 20% indirect) The following costs were incurred for employee services Direct Jabour Indirect labour Sales commissions $164,000 $28,200 $ 17,000 1.82,400 d. Heat, power, and water costs were incurred in the factory: $44700 e. Prepaid insurance expired during the year: $13,000 (85% relates to factory operations, and 15% relates to selling and administrative activities). t Advertising costs were incurred $53.000. g. Depreciation was recorded for the year: $63,600 (90% relates to factory operations, and 10% relates to selling and administrative activities) h Manufacturing overhead cost was applied to production. The company recorded 41.200 machine-hours for the year. L. Goods that cost $506,500 to manufacture according to their job cost sheets were transferred to the finished goods warehouse J. Sales for the year totalled $727.900 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $500,300. Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. 01:24:32 Return to question 13 01:24:23 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. Answer is not complete. Raw Materials Beg Bal Manufacturing Overhead DO Beg Bai " 196,000 t ti 30,200 End Bal C 28.200 44,700 11,050 123 150 Cost of Goods Sold D 2 of 5 Beg Bal End Bal 19.000 212.000- 35,000 Work in Process 0 HH O D d 0. 19 End Bal Beg Ba End Bal 10000 ENG US D End Ba Beg Bal JE 35.000 2200 44.200 11.050 End Bal 123,150 Work in Process Cost of Goods Sold Beg Bal End Bal 0 0 Finished Goods Beg Bai End Bal 0 3-a. Is manufacturing overhead underapplied or overapplied for the year? ENG 415 10:34 Pla D 2022-06-0 3-6. Is manufacturing overhead underapplied or overapplied for the year? Underapplied overhead Overapplied overhead 3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. (Do not round intermediate calculations and round your final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. N Debit Credit No Event General Journal C ENG 94D US 10:34 PM 2022-06-0