PLEASE HELP HURRY

Journal entry worksheet Record the entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Note: Enter debits before credits. Prepare an income statement for the year. (All of the information needed for the income entries and T-accounts you have prepared.) 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 compony uses a job-order costing system in which overhead is opplied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $60,000 of manufacturing overhead for an estimated octivity level of $40,000 direct labor dollars. At the beginning of the year, the inventory bolances were as follows: During the year, the following transactions were completed: a. Row moterials purchased on occount, $161,000 b. Row moteriais used in production, $146,000 (materials costing $122,000 were charged directly to jobs, the remaining materials were indirect). c. Costs for employee services were incurred as follows: d. Rent for the year was $18,100 ( $13,900 of this amount related to foctory operations, and the remainder related to seling and odministrative octivities) e. Utility costs incurred in the foctory, $15,000 Journal entry worksheet 56 Raw materials purchased on account, $161,000. Note: Enter debits before credits. 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 entrles 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? 3B. 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 entrie: and T-accounts you have prepared. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the transactions for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)