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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 and 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 $370,500 of manufacturing overhead for an estimated allocation base of 950 direct labor-hours. The following transactions took place during the year (all purchases and services were acquired on account): a. Raw materials purchased for use in production, $270,000. b. Raw materials requisitioned for use in production (all direct materials), $255,000. c. Utility bills were incurred, $73,000 (90% related to factory operations, and the remainder related to selling and administrative activities). d. Salary and wage costs were incurred: Direct labor (1,030 hours) $300,000 Indirect labor 104,000 $ Selling and administrative salaries 180,000 $ e. Maintenance costs were incurred in the factory, $68,000. f. Advertising costs were incurred, $150,000. 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 buildings, $111,000 (80% related to factory operations, 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, $910,000. k. Sales for the year (all on account) totaled $1,900,000. These goods cost $940,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw materials $44,000 $35,000 Work in process Finished Goods 74,000 $ Required: 1.Prepare journal entries to record the above data. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required: 1.Prepare journal entries to record the above data. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 a. 270,000 Raw materials Accounts payable 270,000 2 b. 255,000 Work in process Raw materials 255,000 3 C. Manufacturing overhead Utilities expense Accounts payable 65,700 7,300 73,000 4 d. Work in process Manufacturing overhead Salaries expense Salaries and wages payable 300,000 104,000 180,000 512,000 5 e. 68,000 Manufacturing overhead Accounts payable 68,000 6 f. 150,000 > Advertising expense Accounts payable 150,000 N 7 g Manufacturing overhead Depreciation expense Accumulated depreciation 64,500 21,500 00 86,000 8 h. Manufacturing overhead Rent expense Accounts payable 88,800 22,200 111,000 9 i. Work in process 401,700 Manufacturing overhead 401,700 10 j. ON 910,000 Finished goods Work in process > 910,000 11 k(1). Accounts receivable 1,900,000 > Sales 1,900,000 12 k(2). 940,000 > Cost of goods sold Finished goods 00 940,000 2.Post your entries to T-accounts. (Don't forget to enter the opening inventory balances below.) Determine the ending balances in the inventory accounts and in the Manufacturing Overhead account. Answer is complete and correct. Answer is complete and correct. Accounts Receivable Sales k. 1,900,000 1,900,000 k. End. Bal. 1,900,000 End. Bal. 1,900,000 Answer is complete and correct. X Answer is complete but not entirely correct. Depreciation Expense 21,500 Salaries & Wages Payable 512,000 X d. g. End. Bal. 21,500 End. Bal. 512,000 3. Prepare a schedule of cost of goods manufactured. Answer is complete but not entirely correct. Froya Fabrikker A/S Schedule of Cost of Goods Manufactured 0 $ 44,000 270,000 314,000 59,000 >> Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Materials available for use Less: Raw materials inventory, ending Materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing cost Add: Work in process, beginning $ 255,000 300,000 10,700 X 565,700 35,000 600,700 81,700 519,000 Less: Work in process, ending Cost of goods manufactured $ X Answer is complete but not entirely correct. Froya Fabrikker A/S Schedule of Cost of Goods Sold $ 74,000 Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold 519,000 593,000 44,000 549,000 10,700 538,300 $ 5. Prepare an income statement for the year. Answer is complete but not entirely correct. Froya Fabrikker A/S Income Statement For the Year Ended Sales Cost of goods sold Gross margin Selling and administrative expenses: $ 1,900,000 412,400 1,487,600 Utilities expense 7,300 Advertising expenses Salaries expense 150,000 180,000 21,500 22,200 Depreciation expense Rent expense Cost of goods sold Net operating income 381,000 1,106,600 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 and 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 $370,500 of manufacturing overhead for an estimated allocation base of 950 direct labor-hours. The following transactions took place during the year (all purchases and services were acquired on account): a. Raw materials purchased for use in production, $270,000. b. Raw materials requisitioned for use in production (all direct materials), $255,000. c. Utility bills were incurred, $73,000 (90% related to factory operations, and the remainder related to selling and administrative activities). d. Salary and wage costs were incurred: Direct labor (1,030 hours) $300,000 Indirect labor 104,000 $ Selling and administrative salaries 180,000 $ e. Maintenance costs were incurred in the factory, $68,000. f. Advertising costs were incurred, $150,000. 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 buildings, $111,000 (80% related to factory operations, 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, $910,000. k. Sales for the year (all on account) totaled $1,900,000. These goods cost $940,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw materials $44,000 $35,000 Work in process Finished Goods 74,000 $ Required: 1.Prepare journal entries to record the above data. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required: 1.Prepare journal entries to record the above data. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 a. 270,000 Raw materials Accounts payable 270,000 2 b. 255,000 Work in process Raw materials 255,000 3 C. Manufacturing overhead Utilities expense Accounts payable 65,700 7,300 73,000 4 d. Work in process Manufacturing overhead Salaries expense Salaries and wages payable 300,000 104,000 180,000 512,000 5 e. 68,000 Manufacturing overhead Accounts payable 68,000 6 f. 150,000 > Advertising expense Accounts payable 150,000 N 7 g Manufacturing overhead Depreciation expense Accumulated depreciation 64,500 21,500 00 86,000 8 h. Manufacturing overhead Rent expense Accounts payable 88,800 22,200 111,000 9 i. Work in process 401,700 Manufacturing overhead 401,700 10 j. ON 910,000 Finished goods Work in process > 910,000 11 k(1). Accounts receivable 1,900,000 > Sales 1,900,000 12 k(2). 940,000 > Cost of goods sold Finished goods 00 940,000 2.Post your entries to T-accounts. (Don't forget to enter the opening inventory balances below.) Determine the ending balances in the inventory accounts and in the Manufacturing Overhead account. Answer is complete and correct. Answer is complete and correct. Accounts Receivable Sales k. 1,900,000 1,900,000 k. End. Bal. 1,900,000 End. Bal. 1,900,000 Answer is complete and correct. X Answer is complete but not entirely correct. Depreciation Expense 21,500 Salaries & Wages Payable 512,000 X d. g. End. Bal. 21,500 End. Bal. 512,000 3. Prepare a schedule of cost of goods manufactured. Answer is complete but not entirely correct. Froya Fabrikker A/S Schedule of Cost of Goods Manufactured 0 $ 44,000 270,000 314,000 59,000 >> Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Materials available for use Less: Raw materials inventory, ending Materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing cost Add: Work in process, beginning $ 255,000 300,000 10,700 X 565,700 35,000 600,700 81,700 519,000 Less: Work in process, ending Cost of goods manufactured $ X Answer is complete but not entirely correct. Froya Fabrikker A/S Schedule of Cost of Goods Sold $ 74,000 Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold 519,000 593,000 44,000 549,000 10,700 538,300 $ 5. Prepare an income statement for the year. Answer is complete but not entirely correct. Froya Fabrikker A/S Income Statement For the Year Ended Sales Cost of goods sold Gross margin Selling and administrative expenses: $ 1,900,000 412,400 1,487,600 Utilities expense 7,300 Advertising expenses Salaries expense 150,000 180,000 21,500 22,200 Depreciation expense Rent expense Cost of goods sold Net operating income 381,000 1,106,600