4 ints etloos P erences Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea ol 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 $380.000 of manufacturing overhead for an estimated allocation base of 1,000 direct labor hours. The following transactions fook place during the year a. Raw materials purchased on account, $275,000 b. Raw materials used in production (all direct materials), $260,000 c. Utility bills incurred on account, $74,000 (95% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs: Direct labor (1,100 hours) Indirect labor Selling and administrative salaries $305,000 $ 105,000 $185,000 e. Maintenance costs incurred on account in the factory, $69.000 f Advertising costs incurred on account, $151.000. g. Depreciation was recorded for the year, $87,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $112,000 (85% related to factory facilities, and the remainder related to selling and administrative facilities). 1. Manufacturing overhead cost was applied to jobs. $2 J. Cost of goods manufactured for the year, $920,000 k. Sales for the year (all on account) totaled $1.950,000. These goods cost $950.000 according to their job cost sheets The balances in the inventory accounts at the beginning of the year were Help Save & Exit Subme Check my work