A company's overhead rate is based on direct labor hours. Estimated overhead and direct labor hours are $110,000 and 125,000, respectively. During the year, actual overhead was $96,000 and actual direct labor hours were 120,000. At year end, the following balances are available before the proration of under or over applied overhead: Raw materials inventory 20,000 Work-in-process inventory 34,000 Finished goods inventory 32,000 Cost of goods sold 34,000 Calculate the balance in cost of goods sold after prorating the under or over applied overhead.

During march, the business engaged in the following transactions: a. borrowed $45,000 from the bank and signed a note payable in the name of the business. b. paid cash of $40,000 to acquire land. c. performed service for a customer and received cash of $5,000. d. purchased supplies on account, $300. e. performed customer service and earned revenue on account, $2,600. f. paid $1,200 on account. g. paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400. h. received $3,100 on account. i. received a $200 utility bill that will be paid next week. j. paid cash dividends of $1,800. required: 1.) prepare journal entries for each transaction. enter journal entries by the transaction letter. 2.) prepare the trial balance of my motors, inc. at march 31, 20xx. 3.) prepare financial statements for my motors, inc. for the period ending march 31, 20xx. (income statement and balance sheet)