4. 3.75 Problem 2-15 Aigo) Journal Entries:T-Accounts Financial Statements .03.102 21033, 103-4 Froya Fabrikker Als of Bergen, Norway, s a small company that manufactures specialty heavy equipment for use in North Sea oil 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 $378,000 of manufacturing overhead for an estimated allocation base of 900 direct labor-hours. The following transactions took place during the year a. Raw materiais purchased on account, $285.000 b. Raw materials used in production (all direct materials). $270.000 c. Utility bills incurred on account, $76.000 (85% related to factory operations, and the remainder related to selling and administrative activities) Accrued salary and wage costs der . Maintenance costs incurred on account in the factory, $71.000 1. Advertising costs incurred on account. $153,000 9 Depreciation was recorded for the year $89,000 (70% related to factory equipment and the remainder related to selling and administrative equipment) h. Rental cost incurred on account, S114,000 (75% related to factory facilities, and the remainder related to selling and administrative facilities Manufacturing overhead cost was applied to jobs, $_? | Cost of goods manufactured for the year, 5940,000 Sales for the year (all on account) totaled $2,050,000. These goods cost $970,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: rece Photo Required: 1. Prepare joumal 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. 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.) Journal entry worksheet 4. 2. Problem gol Journal Accounts SOS LOS 2. LOS 10341 Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures Specialty heavy equipment for use in North Sea al fields. The company uses a job order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor-hours. Its predelermined overhead rate was based on a cost formula that estimated $378.000 of manufacturing overhead for an estimated allocation base of 900 direct labor hours. The following transactions took place during the year a Raw materials purchased on account, $285.000 b. Raw materials used in production (al direct materials) $270,000 c. Utility bills incurred on account $76.000 (85% related to factory operations, and the remainder related to selling and administrative activities) Accrued salary and wage costs: w . Maintenance costs incurred on account in the factory. 571.000 Advertising costs incurred on account, $153.000 9 Depreciation was recorded for the year, 529.000 (70% related to factory equipment and the remainder related to selling and administrative equipment). h. Rental cost incurred on account. $114.000 (75% related to factory facilities, and the remainder related to selling and administrative acties) Manufacturing overhead cost was applied to jobs. $ Cost of goods manufactured for the year, $900,000 Sales for the year fall on account totaled $2.050.000. These goods cost $970,000 according to their job cost sheets The balances in the inventory accounts at the beginning of the year were Required: 1. Prepare foumal entries to record the preceding transactions balances above) 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory 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 cont of goods sold 5. Prepare an income statement for the year Complete this question by entering your answers in the tabs below. 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 held.) Journal entry worksheet 4. 3.75 Problem 2-15 Aigo) Journal Entries:T-Accounts Financial Statements .03.102 21033, 103-4 Froya Fabrikker Als of Bergen, Norway, s a small company that manufactures specialty heavy equipment for use in North Sea oil 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 $378,000 of manufacturing overhead for an estimated allocation base of 900 direct labor-hours. The following transactions took place during the year a. Raw materiais purchased on account, $285.000 b. Raw materials used in production (all direct materials). $270.000 c. Utility bills incurred on account, $76.000 (85% related to factory operations, and the remainder related to selling and administrative activities) Accrued salary and wage costs der . Maintenance costs incurred on account in the factory, $71.000 1. Advertising costs incurred on account. $153,000 9 Depreciation was recorded for the year $89,000 (70% related to factory equipment and the remainder related to selling and administrative equipment) h. Rental cost incurred on account, S114,000 (75% related to factory facilities, and the remainder related to selling and administrative facilities Manufacturing overhead cost was applied to jobs, $_? | Cost of goods manufactured for the year, 5940,000 Sales for the year (all on account) totaled $2,050,000. These goods cost $970,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: rece Photo Required: 1. Prepare joumal 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. 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.) Journal entry worksheet 4. 2. Problem gol Journal Accounts SOS LOS 2. LOS 10341 Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures Specialty heavy equipment for use in North Sea al fields. The company uses a job order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor-hours. Its predelermined overhead rate was based on a cost formula that estimated $378.000 of manufacturing overhead for an estimated allocation base of 900 direct labor hours. The following transactions took place during the year a Raw materials purchased on account, $285.000 b. Raw materials used in production (al direct materials) $270,000 c. Utility bills incurred on account $76.000 (85% related to factory operations, and the remainder related to selling and administrative activities) Accrued salary and wage costs: w . Maintenance costs incurred on account in the factory. 571.000 Advertising costs incurred on account, $153.000 9 Depreciation was recorded for the year, 529.000 (70% related to factory equipment and the remainder related to selling and administrative equipment). h. Rental cost incurred on account. $114.000 (75% related to factory facilities, and the remainder related to selling and administrative acties) Manufacturing overhead cost was applied to jobs. $ Cost of goods manufactured for the year, $900,000 Sales for the year fall on account totaled $2.050.000. These goods cost $970,000 according to their job cost sheets The balances in the inventory accounts at the beginning of the year were Required: 1. Prepare foumal entries to record the preceding transactions balances above) 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory 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 cont of goods sold 5. Prepare an income statement for the year Complete this question by entering your answers in the tabs below. 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 held.) Journal entry worksheet