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Problem 3-15 Journal Entries; T-Accounts; Financial Statements [LO3-1, LO3-2, LO3-3, LO3-4] Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea a fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct lab hours. Its predetermined overhead rate was based on a cost formula that estimated $388,800 of manufacturing overhead for an estimated allocation base of 810 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $295.000 b. Raw materials used in production (all direct materials) $280.000 c Utility bills incurred on account, $78,000 (95% related to factory operations, and the remainder related to selling and administra activities). d. Accrued salary and wage costs: Direct labor (890 hours) Indirect labor Selling and administrative salaries $ 205,000 e Maintenance costs incurred on account in the factory, $73,000 Advertising costs incurred on account, $155,000. g. Depreciation was recorded for the year, $91,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment) Rental cost incurred on account, $105,000 (85% 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, 5960,000 Sales for the year (all on account) totaled $2,150,000. These goods cost $990,000 according to their job cost sheets The balances in the inventory accounts at the beginning of the year were: $ 49,000 $ 40,000 $29. the balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods $ 49,00 $ 40,000 $ 79,000 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 1 Reg 2 Reg 3 Reg Reg 48 Prepare journal entries to record the preceding transactions, (if no antry required in the first account field.) red for a transaction/event, select "No journal entry Journal entry worksheet 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 48 Reg 5 Prepare a schedule of cost of goods manufactured. Froya Fabrikker NS Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Materials used in production Total manufacturing costs Cost of goods manufactured (Reg 2 Reg 4A > Reg 1 Reg 2 Req3 Reg 4A Req 4B Reg 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.) View transaction list Journal entry worksheet 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 ( Req3 Reg 0 > 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. 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. Reg 1 Reg 2 Req3 Reg 4A Req 4B Prepare a schedule of cost of goods sold. Froya Fabrikker A/S Schedule of Cost of Goods Sold J.Tilpuit U licule UI LULUI 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 Req3 Reg 4A Req 4B Reg 5 Prepare an income statement for the year. Froya Fabrikker AS Income Statement For the Year Ended Selling and administrative expenses:
