a. Raw materials purchased on account, $245,000. b. Raw materials used in production (all direct materials). $230,000. c. Utility bills incurred on account, $68,000 (85 % related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: Direct labor (1,125 hours) Indirect labor Selling and administrative salaries $275,000 $ 99,000 $ 155,000 e. Maintenance costs incurred on account in the factory, $63,000. f. Advertising costs incurred on account, $145,000. g. Depreciation was recorded for the year, $81,000 (70% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $106,000 (75% related to factory facilities, and the remainder related to selling and administrative facilities). i. Manufacturing overhead cost was applied to jobs, $?... J. Cost of goods manufactured for the year, $860,000. k. Sales for the year (all on account) totaled $1,650,000. These goods cost $890,000 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 $ 39,000 $ 30,000 $ 69,000 Check m bok The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods Required: $ 39,000 $ 30,000 $ 69,000 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. 4B. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year. Journal entry worksheet < 1 2 3 4 5 6 7 8 12 The raw materials were purchased for use in production, $245,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Debit Credit Book Beginning Balance Ending Balance Sales Debit Credit Beginning Balance Ending Balance Raw Materials Cost of Goods Sold Debit Credit Debit Credit Beginning Balance Beginning Balance 1 + Ending Balance Ending Balance Work in Process Manufacturing Overhead Debit Credit Debit Credit Beginning Balance Beginning Balance Prepare a schedule of cost of goods manufactured. Froy 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 View transaction list Journal entry worksheet < 1 Record the entry to close any balance in the manufacturing overhead account to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Froya Fabrikker A/S Schedule of Cost of Goods Sold Book 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: