Gold Nest Compony of Guendong, Chins, makes birdcoges for the South Chins msrket. The company sels its birdceges through sn Extensive network of street vendors who receive comm/ssions on their ssies. The compony uaes a job - order costing system thet spplies overhesd to jobs bssed on d'ect Isbor coat. Its predetermined averhesd ote Is bosed on a cost formuls that estimeted $85,000 of msnufacturing averhesd for an estimsted activity level of $50,000 direct obor dolers. The beginning Invertory bolance: were ss followa: Raw materials process, $4, 439 Puring the year, the following t/snastions were completed: Rew msterial purchased on bccount, $167000 b. Row mstera's used in production, $145,000 (msterlab costing $124,000 were charged directly to jobs; the remaining msterial: were indirecti. c. Cosh psid to employees: Dirnect labor Indirect lallor Salos compissions Adrinistrative salarlies $163,809 $280, 100 $25,800 $ 43, 809 d. Rent for the year was $18, 100 ($13,200 related to foctory operstions, and the remsinder reisted to selling ond sdminlstrotive octivities]. Utily costa incurred in the fiectory, $13,000 f. Advertaing costa incurred, $14,000. Deprecistion an equipment, $23,000 ($16,000 relsted to equipment used in fsctory operstions; the remsining $7,000 re sted to equipment uaed in selling ond sdministrotive sctivities]. h. Monufocturing overheod cost spplied to jobs, $? LCompleted goods cost $226,000 to msnuficture. J. Soles for the year (sll poid in cssh) totsled $498,000. The menufscturing cost of these goods wes $ 220,000. Required: Prepore joumsi entries to record the transactions for the yesr. Prepore T-sccounts for esch inventory sccount, Manufacturing Overhesd, snd Coat of Goods Sold. Poat re evsrt dsts from your ournel entries to these T-sccounts (don't forget to enter the beginning bo onces in your inventory sccounts ). BA. Is Monufocturing Overhesd underapplied or overspolied? BB. Prepore 5 joumsl entry to clase Msnufecturing Overhesd to Coat of Goods Sald. Prepore sn income statement. All of the information nesded for the income statement is avilsble in the joumal entries and T- pecounts you hove prepored. Complete this question by entering your answers in the tabs below. Prepare an income statement. (All of the informatian needed for the incame statement is avolable in the foumsl entries and T-accounts yau have prepared.]