Sales for the year all paid in cash totaled 515000

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were completed. ). Sales for the year (all paid in cash) totaled $515,000. The total cost to manufacture these goods according to their job cost sheets was $218,000 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
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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 3A Reg 36 Reg 4 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.) No Transaction General Journal Debit Credit 12 na
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