10 1 points eBook Ask Problem 3-15 (Algo) Journal Entries; T-Accounts; Financial Statements [LO3-1, LO3-2, LO3-3, LO3-4] Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oll fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor- hours. Its predetermined overhead rate was based on a cost formula that estimated $399,000 of manufacturing overhead for an estimated allocation base of 1,050 direct labor-hours. The following transactions took place during the year. a. Raw materials purchased on account, $280,000. b. Raw materials used in production (all direct materials), $265,000. c. Utility bills incurred on account, $75,000 (80% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: Print Direct labor (1,100 hours) Indirect labor References Selling and administrative salaries $310,000 $ 106,000 $ 190,000 e. Maintenance costs incurred on account in the factory, $70,000 f. Advertising costs incurred on account, $152,000. g. Depreciation was recorded for the year, $88,000 (85% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $113,000 (90% related to factory facilities, and the remainder related to selling and administrative facilities). L Manufacturing overhead cost was applied to jobs, $? J. Cost of goods manufactured for the year, $930,000. k. Sales for the year (all on account) totaled $2,000,000. These goods cost $960,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods Required: $ 46,000 $ 37,000 $76,000 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 48. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Req 1 Req 21 Req3 Req 4A Req 48 Req 5 Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) nces Req 1 Req 2 Req 3 Req 4A Req 48 Req 5 Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Sales Debit Credit Dobit Credit Beginning Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Ending Balance Raw Materials Cost of Goods Sold Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Work in Process Manufacturing Overhead Debit Credit Debit Credit Beginning Balance Ending Balance Finished Goods Advertising Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Ending Balance ints Beginning Balance eBook Ending Balance: Ask Debit Accumulated Depreciation Utilities Expense Credit Debit Credit Beginning Balance Ending Balance Accounts Payable Salaries Expense D Debit Credit Debit Credit Print Beginning Balance Beginning Balance References Ending Balance Beginning Balance Ending Balance Ending Balance Depreciation Expense Salaries & Wages Payable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Rent Expense Debit Credit Ending Balance ellook Required: Ask Print 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 4B. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. References Req 1 Req 2 Req 3 Req 4A Req 4B Req 5 Prepare a schedule of cost of goods manufactured. Froya Fabrikker A/S Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured 0 Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Req 48 Req 5 Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is requir transaction/event, select "No journal entry required" in the first account field.) nces View transaction list Journal entry worksheet < Record the entry to close any balance in the manufacturing overhead account to cost of goods sold. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry Req 1 Req 2 Req 3 Req 4A Req 4B Req 5 Prepare a schedule of cost of goods sold. Froya Fabrikker A/S Schedule of Cost of Goods Sold Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Req 4B Req 5 Prepare an income statement for the year. Froya Fabrikker A/S Income Statement For the Year Ended Selling and administrative expenses: 0 0 0