ACCOUNTANTS DO UR THING PLZ

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 $360,000 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, $200,000 b. Raw materials used in production (all direct materials) $185,000. c. Utility bills incurred on account, $70,000 (90% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: Direct labor (975 hours) Indirect labor Selling and administrative salaries $ 230,000 $ 90,000 $ 110,000 e. Maintenance costs incurred on account in the factory, $54.000 1. Advertising costs incurred on account, $136,000. 9. Depreciation was recorded for the year, $95.000 (80% related to factory equipment, and the remainder related to selling and administrative equipment) h. Rental cost incurred on account, $120,000 (85% related to factory facilities, and the remainder related to selling and administrative facilities) Manufacturing overhead cost was applied to jobs. $_? J. Cost of goods manufactured for the year, $770,000 k Sales for the year (all on account) totaled $1,200,000. These goods cost $800,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Check The balances in the inventory accounts at the beginning of the year were: Raw Materials $ 30,000 Work in Process $ 21,000 Finished Goods $ 60,000 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 Reg 4B Req5 Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No journal entr required" in the first account field) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > View transaction list Journal entry worksheet The raw materials were purchased for use in production, $200,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general Journal Check my work Accounts Receivable Sales Debit Beginning Balance Credit Debit Beginning Balance Credit Ending Balance Ending Balance Raw Materials Cost of Goods Sold Debit Beginning Balance Credit Debit Beginning Balance Credit Ending Balance Ending Balance Work in Process Manufacturing Overhead Debit Beginning Balance Credit Debit Beginning Balance Credit Ending Balance Finished Goods Advertising Expense Debit Beginning Balance Credit Credit Debit Beginning Balance Ending Balance Ending Balance Utilities Expense Accumulated Depreciation Debit Beginning Balance Credit Credit Debit Beginning Balance Ending Balance Ending Balance Accounts Payable Salaries Expense Credit Debit Beginning Balance Credit Debit Beginning Balance Ending Balance Depreciation Expense Debit Beginning Balance Credit Salaries & Wages Payable Debit Beginning Balance Credit Ending Balance Ending Balance Rent Expenst Credit Debit Beginning Balance Ending Balance 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 Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal foods Froya Fabrikker A/S Schedule of Cost of Goods Sold Prepare an income statement for the year. Froya Fabrikker A/S Income Statement For the Year Ended 0 Selling and administrative expenses: 0 $ 0