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Can you help me with this questions? I'm very desperate :( Thanks Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty
Can you help me with this questions? I'm very desperate :( Thanks
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 $342,000 of manufacturing overhead for an estimated allocation base of 950 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $210,000. b. Raw materials used in production (all direct materials). $195,000. c. Utility bills incurred on account, $61,000 (95% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: Direct labor (1,025 hours) Indirect labor Selling and administrative salaries $240,000 $ 92,000 $120,000 e. Maintenance costs incurred on account in the factory, $56,000 f. Advertising costs incurred on account, $138,000. g. Depreciation was recorded for the year, $86,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $111,000 (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, $790,000. k. Sales for the year (all on account) totaled $1,300,000. These goods cost $820,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials $32,000 Work in $23,000 Process Finished $62,000 Goods 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 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. Req 1 Req 2 Req 3 Req 4A Req 4B Reg 5 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 View journal entry worksheet Credit No Transaction General Journal 1 a. Raw materials Accounts payable Debit 210,000 210,000 2 b. 195,000 Work in process Raw materials 195,000 3 C. Manufacturing overhead Accounts payable 61,000 61,000 4 d. Work in process Manufacturing overhead Salaries expense Salaries and wages payable 240,000 92,000 120,000 452,000 5 e. 56,000 Manufacturing overhead Accounts payable 56,000 6 f. 138,000 Advertising expense Accounts payable 138,000 7 g. Manufacturing overhead Depreciation expense Accumulated depreciation 64,500 21,500 86,000 8 h. Manufacturing overhead Rent expense Accounts payable 88,800 22,200 111,000 10 j. 790,000 Work in process Manufacturing overhead 790,000 11 k(1). Finished goods Work in process 1,300,000 1,300,000 12 k(2). 1,300,000 1,300,000 Accounts receivable Sales Cost of goods sold Finished goods 820,000 820,000 Reg 1 Reg 2 > Req 1 Req 2 Req 3 Req 4A Req 4B Req 5 Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Sales Beg. Bal. Beg. Bal. End. Bal. End. Bal Raw Materials Cost of Goods Sold Beg. Bal Beg. Bal. End. Bal. End. Bal. Work in Process Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal Finished Goods Advertising Expense Beg. Bal. Beg. Bal. End. Bal End. Bal. Utilities Expense Accumulated Depreciation Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable Salaries Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Depreciation Expense Salaries & Wages Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Rent Expense Beg. Bal. End. Bal. Req 1 Req 2 Req 3 Req 4A Req 4B Req 5 Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Sales Beg. Bal. Beg. Bal. End. Bal. End. Bal Raw Materials Cost of Goods Sold Beg. Bal Beg. Bal. End. Bal. End. Bal. Work in Process Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal Finished Goods Advertising Expense Beg. Bal. Beg. Bal. End. Bal End. Bal. Utilities Expense Accumulated Depreciation Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable Salaries Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Depreciation Expense Salaries & Wages Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Rent Expense Beg. Bal. End. Bal. Req 1 Req 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 Direct materials: Total raw materials available Materials used in production Total manufacturing costs 0 Cost of goods manufactured Req 1 Reg 2 Req 3 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 Record entry View general journal Clear entry Req 1 Req 2 Req 3 Req 4A Req 4B Req 5 Prepare a schedule of cost of goods sold. Froya Fabrikker A/S Schedule of Cost of Goods Sold 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 $ 0Step by Step Solution
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