a. Raw materials purchased on account, $290,000. . Raw materials used in production (all direct materials). $275,000. . Utility bills incurred on account, $77,000 (90% related to factory operations, and the remainder related to selling and administrative activities). . Accrued salary and wage costs: Direct labor (970 hours) Indirect labor Selling and administrative salaries $320,000 $ 108,000 $200,000 2. Maintenance costs incurred on account in the factory, $72,000 f. Advertising costs incurred on account, $154,000. ). Depreciation was recorded for the year, $90,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment). 1. Rental cost incurred on account, $115,000 (80% 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, $950,000. Sales for the year (all on account) totaled $2,100,000. These goods cost $980,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials $48,000 Work in Process $39,000 Finished Goods $78,000 Required: 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. Reg 1 Reg 2 Reg 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 Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory SOOS Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 0 Direct labor (970 hours) Indirect labor Selling and administrative salaries $320,000 $108,000 $200,000 e. Maintenance costs incurred on account in the factory, $72,000 f. Advertising costs incurred on account, $154,000. g. Depreciation was recorded for the year, $90,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $115,000 (80% 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. $950,000 k. Sales for the year (all on account) totaled $2,100,000. These goods cost $980,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials $48,000 Work in Process $39,000 Finished Goods $78,000 Required: 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. 43. 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. Reg 1 Req 2 Req3 Req 4A Req 4B Req 5 Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less A 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 Pecordantra Viewgeneraliournal roya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in lorth Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on he basis of direct labor-hours. Its predetermined overhead rate was based on a cost formula that estimated $395,600 f manufacturing overhead for an estimated allocation base of 920 direct labor-hours. The following transactions took lace during the year: Raw materials purchased on account, $290,000. Raw materials used in production (all direct materials), $275,000. Utility bills incurred on account, $77,000 (90% related to factory operations, and the remainder related to selling and administrative activities). Accrued salary and wage costs: Direct labor (970 hours) Indirect labor Selling and administrative salaries $320,000 $108,000 $200,000 Maintenance costs incurred on account in the factory, $72,000 Advertising costs incurred on account, $154,000. Depreciation was recorded for the year. $90,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment). Rental cost incurred on account, $115,000 (80% 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, $950,000. Sales for the year (all on account) totaled $2,100,000. These goods cost $980,000 according to their job cost sheets. he balances in the inventory accounts at the beginning of the year were: Raw Materials $48,000 Work in Process $39,000 Finished Goods $78,000 "equired: Prepare journal entries to record the preceding transactions. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Prepare a schedule of cost of goods manufactured. A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. B. Prepare a schedule of cost of goods sold. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3 Req 4A Req 4B Reg 5 Prepare a schedule of cost of goods sold. Froya Fabrikker A/S Schedule of Cost of Goods Sold Raw materials used in production all direct materiais), 275,000. c. Utility bills incurred on account, $77,000 (90% related to factory operations, and the remainder related to selling administrative activities). d. Accrued salary and wage costs: Direct labor (970 hours) Indirect labor Selling and administrative salaries $320,000 $108,000 $200,000 e. Maintenance costs incurred on account in the factory, $72,000 f. Advertising costs incurred on account, $154,000. g. Depreciation was recorded for the year, $90,000 (75% related to factory equipment, and the remainder related t selling and administrative equipment). h. Rental cost incurred on account, $115,000 (80% related to factory facilities, and the remainder related to selling a administrative facilities). i. Manufacturing overhead cost was applied to jobs, $_? . j. Cost of goods manufactured for the year, $950,000. k. Sales for the year (all on account) totaled $2,100,000. These goods cost $980,000 according to their job cost sh The balances in the inventory accounts at the beginning of the year were: Raw Materials $48,000 Work in Process $39,000 Finished Goods $78,000 Required: 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. 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 0 Selling and administrative expenses: 0 0 $