PLEASE PLEASE HELP!!!!

Problem 3-16 (Static) Comprehensive Problem (LO3-1, LO3-2, LO3-4] 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 company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $330,000 of manufacturing overhead for an estimated activity level of $200,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: Raw materials Work in process Finished goods $25,000 $10,000 $ 40,000 During the year, the following transactions were completed: a. Raw materials purchased on account, $275,000. b. Raw materials used in production, $280,000 (materials costing $220,000 were charged directly to jobs; the remaining materials were indirect). c. Costs for employee services were incurred as follows: Direct labor Indirect labor Sales commissions Administrative salaries $ 180,000 $ 72,000 $ 63,000 $ 90,000 d. Rent for the year was $18,000 ($13,000 of this amount related to factory operations, and the remainder related to selling and administrative activities). e. Utility costs incurred in the factory, $57,000. f. Advertising costs incurred, $140,000. g. Depreciation recorded on equipment, $100,000. ($88,000 of this amount related to equipment used in factory operations; the remaining $12,000 related to equipment used in selling and administrative activities.) h. Manufacturing overhead cost was applied to jobs, $_? . i. Goods that had cost $675,000 to manufacture according to their job cost sheets were completed. j. Sales for the year (all paid in cash) totaled $1,250,000. The total cost to manufacture these goods according to their job cost sheets was $700,000. 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 entries 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? 38. 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 entries and T-accounts you have prepared.) 1 a. 275.000 Raw materials Cash 275,000 VI 2 b. Work in process Manufacturing overhead Raw materials 220.000 60.000 200,000 3 C. Work in process Manufacturing overhead Sales commisions expense Administrative salaries expense Cash 180.000 72,000 63.000 90,000 405,000 4 d. Manufacturing overhead Rent expense Cash 13.000 5,000 18,000 5 e. Manufacturing overhead 57.000 Cash 57.000 6 f. 140,000 Advertising expense Cash 140.000 7 9 Manufacturing overhead Depreciation expenso Accumulated depreciation 88,000 12,000 100.000 8 h. 297.000 Work in process Manufacturing overhead 297.000 i. 675,000 Finished goods Work in process 675,000 10 i(1) Cash 1.250.000 Sales 1,250,000 11 i(2) 700.000 Cost of goods sold Finished goods 700.000 Complete this question by entering your answers in the tabs below. Reg 1 Rea 2 Reg 3A Reg 3B Reg 4 Prepare T-accounts for each inventory account, Manufacturing Overhead, and cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts). Beg. Bal Raw Materials 25,000 275,000 280,000 b. Bog. Bal. b. Work in Process 10,000 675,000 220,000 180,000 675,000 c End. Bal. 20,000 End. Bal. 940,000 Manufacturing Overhead Bog. Bal. Finished Goods 10,000 675,000 700,000 Beg. Bal. b. 1. 297,000 n. c. d. 60,000 72,000 13,000 57,000 88,000 End. Bal. 15,000 e. 9 Cost of Goods Sold End. Bal. 7,000 Beg. Bal. 1. 700,000 End. Bal. 700,000 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 entries 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 entries and T-accounts you have prepared.) Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg Reg 3B Reg 4 Is Manufacturing Overhead underapplied or overapplied for the year? Underapplied Overapplied Reg 1 Reg 2 Reg 3A Reg 3B Reg 4 Prepare a journal entry to close any balance in the Manufacturing Overhead account to cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req Reg 3B Reg 4 Prepare an income statement for the year. (All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.) Gold Nest Company Income Statement For the Year Ended 0 Selling and administrative expenses: 0 S 0