Need help with Req 4. Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The companysells 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 predeterminedoverhead rate is based on a cost formula that estimated $84,000 of manufacturing overhead for an estimated activity level of $40,000direct labor dollars. At the beginning of the year, the inventory balances were as follows:Raw materials.Work in process.Finished goodsDuring the year, the following transactions were completed:$ 10,400$ 4,700$ 8,500a. Raw materials purchased on account, $162,000.b. Raw materials used in production, $148,000 (materials costing $126,000 were charged directly to jobs; the remaining materialswere indirect).c. Costs for employee services were incurred as follows:Direct laborIndirect labor.Sales commissionsAdministrative salaries$ 179,000$292,200e. Utility costs incurred in the factory, $19,000.f. Advertising costs incurred, $11,000.$ 28,000$ 43,000d. Rent for the year was $18,200 ($13,600 of this amount related to factory operations, and the remainder related to selling andadministrative activities).g. Depreciation recorded on equipment, $25,000. ($16,000 of this amount related to equipment used in factory operations; theremaining $9,000 related to equipment used in selling and administrative activities.)h. Manufacturing overhead cost was applied to jobs, $ ?i. Goods that had cost $228,000 to manufacture according to their job cost sheets were completed.j. Sales for the year (all paid in cash) totaled $511,000. The total cost to manufacture these goods according to their job cost sheetswas $219,000. 4. Prepare an income statement for the year. All of the information needed for the income statement is available in the journal entriesand T-accounts you have prepared.Complete this question by entering your answers in the tabs below.Prepare an income statement for the year. (All of the information needed for the income statement is available in the journalentries and T-accounts you have prepared.)Gold Nest CompanyIncome StatementFor the Year EndedSelling and administrative expenses:< Req 3BReq 4$000Req 4 >

Name: Need help with Req 4. Gold Nest Company of Guandong, China, is a famil
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Description: Need help with Req 4. Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The companysells its birdcages through an extensive network of street vendors who receive commissions on their s