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Eagle Inc. uses a job-order costing system. The company's inventory balances on April 1, the start of its fiscal year, were as follows:

Raw Materials Inventory $469,325

Work in Process Inventory $255,100

Finished Goods Inventory $181,256

During the year, the following transactions were completed:

1. Raw materials were purchased on account, $267,345.
2. Raw materials were issued from the storeroom for use in production, $238,000 (40% indirect and 60% direct).
3. Employee salaries and wages were accrued as follows: direct labor, $229,600; indirect labor, $118,750; and selling and administrative salaries, $55,460.
4. Utility costs for the factory were $97,323.
5. Depreciation was recorded, $162,800 (70% related to factory assets, and 30% related to selling and administrative assets).
6. Manufacturing overhead was applied to jobs at the rate of 120% of direct labor cost.
7. Goods that cost $682,700 to manufacture according to their job cost sheets were transferred to the finished goods warehouse.
8. Sales for the year totaled $1,164,300 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $625,317.

Submit your assignment as an Excel spreadsheet with each tab labeled by item number. Demonstrate the following:

1. Prepare the journal entries to record the transactions for the year.
2. Prepare the T-accounts to calculate end of period balances for raw materials inventory, work in process inventory, finished goods inventory, manufacturing overhead, and cost of goods sold.
3. Prepare the journal entry to close the under or over-applied manufacturing overhead balance to cost of goods sold.

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