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Fraya 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 $399,000 of manufacturing overhead for an estimated allocation base of 1,050 direct labor-hours. The following transactions took place during the year a. Raw materials purchased on account, $280,000 b. Raw materials used in production (all direct materials) $265.000 c. Utlity bills incurred on account, $75,000 (80% related to factory operations, and the remainder retated to sellng and administrative activities) d. Accrued salary and wage costs: Direct labor 1.100 hours) Indirect labor selling and administrative salaries 5.310,000 $106.000 $ 190,000 . Maintenance costs incurred on account in the factory, $78,000 Advertising costs incurred on account. $152,000, 9. Depreciation was recorded for the year $88,000 (85% related to factory equipment, and the remainder related to selling and administrative equipment) h. Rental cost incurred on account, $113,000 (90% 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. $930,000 k. Sales for the year (all on account totaled $2,000,000. These goods cost $960,000 according to their job cost sheets, The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Pinished Goods $ 46,000 $ 37,000 $76,000 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 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. Req1 Reg 2 Req3 Req 4A Req 4B Reqs Prepare Journal entries to record the preceding transactions. (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 Dron MA Saved --Order Costing: Cost Flows and External Rep... Prepare journal entries to record the preceding transactions. (If no entry is required for a tr. required" in the first account field.) View transaction list Journal entry worksheet