as far as the T charts i just donf undedstand what i am "missing" HELPPPP
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil 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 $373,700 of manufacturing overhead for an estimated allocation base of 1,010 direct labor-hours. The following transactions took place during the year a. Raw materials purchased on account, $255,000 b. Raw materials used in production (all direct materials) $240,000 Utility bills incurred on account, $70,000 (95% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs: Direct labor (1,085 hours) Indirect labor Selling and administrative salaries $285,000 $ 101.000 $ 165,000 e Maintenance costs incurred on account in the factory. $65,000 1. Advertising costs incurred on account, $147.000, g. Depreciation was recorded for the year, $83.000 (80% related to factory equipment, and the remainder related to selling and administrative equipment). h Rental cost incurred on account, $108,000 (85% related to factory facilities, and the remainder related to selling and administrative facilities) Manufacturing overhead cost was applied to jobs, $_2 Cost of goods manufactured for the year. $880,000 Sales for the year (all on account totaled $1,750,000. These goods cost $910,000 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 5 41,000 $32,000 $ 71,000 Required: 1. Prepare joumal 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Raqi Reg 2 Req3 Reg 4 Req 45 Reqs Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Sales Beg Bal Bog Bal K 1.750,000 1,750,000 k End. Bal 1.750,000 End, Bal 1,750,000 Cost of Goods Sold Bog. Bal Raw Materials 41,000 255,000 240,000 Beg. Bal k 910,000 End, Bal 910,000 End Bal 56.000 Manufacturing Overhead Beg Bal b Work in Process 32.000 240,000 880,000 285,000 401.450 Beg Bal C d 401.450 L d 30 0 0 e 66,500 101,000 65,000 68.400 91,800 9 h. End. Bal 78.450 End. Bal 10.750 Advertising Expense Bog. Bait Finished Goods 71,000 880,000 910,000 Bog Bal k 147.000 End Bal 147.000 End. Bal 41.000 Accumulated Depreciation Utilities Expense Bog. Bal Bog. Bal c 83.000 9 3,500 End, Bal 83,000 End. Bal 3,500 Accounts Payable Salaries Expense Bog. Bar Beg Bal. d. 165.000 255.000 a 70,000 c. 65,000 e End Bal 165,000 DJu Dai. Du Dai. C 83,000 9 3,500 End. Bal. 83,000 End. Bal. 3,500 Accounts Payable Salaries Expense Beg. Bal. Beg. Bal d d 165,000 C > 255,000 70,000 65,000 147,000 108,000 End. Bal 165,000 > > h. End. Bal. 645,000 Depreciation Expense Salaries & Wages Payable Beg. Bal Beg. Bal 16,600 551,000 d. End, Bal 16,600 End. Bal 551,000 Rent Expense Bog. Bal h. 16,200 End. Bal 16,200
