Ch3 hw cha hw-Connect Saved Problem 3-15 (Aigul Journal Entries; T-Accounts, Ch Exercice 3-3 (Aige So Help Save 2 oints eBook 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 $372,000 of manufacturing overhead for an estimated allocation base of 1,200 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $240,000. b. Raw materials used in production (all direct materials), $225,000. c. Utility bills incurred on account, $67,000 (95% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: Ask Direct labor (1,275 hours) $270,000 Indirect labor $ 98,000 Selling and administrative salaries $ 150,000 References e. Maintenance costs incurred on account in the factory, $62,000 f. Advertising costs incurred on account, $144,000. g. Depreciation was recorded for the year, $80,000 (85% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $105,000 (90% 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, $850,000. k. Sales for the year (all on account) totaled $1,600,000. These goods cost $880,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials $38,000 Work in Process $29,000 Finished Goods $68,000 h3 hw 2 oints eBook Required: Seved 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. Req 1 Req 2 Req 3 Req 4A Req 48 Req 5 Ask 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.) References View transaction list Journal entry worksheet < 1 2 3 4 5 6 12 The raw materials were purchased for use in production, $240,000 on account. Note: Enter debits before credits. Transaction 3. General Journal Debit Crudit 2 of 6 Next > Help Save & Exil Che 3 hw Saved 2 Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Beg. Bal. Accounts Receivable Beg. Bal Sales End. Bal. End. Bal. Book Raw Materials Cost of Goods Sold Beg. Bal. Beg Bal Ask End. Bal. End. Bal. erences Work in Process Manufacturing Overhead Beg. Bal. Beg Bal End. Bal. End. Bal. Finished Goods Advertising Expense Beg. Bal Beg. Bal Help Save & E Ch 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 48 Req 5 Prepare a schedule of cost of goods manufactured. Froya Fabrikker A/S Schedule of Cost of Goods Manufactured es Direct materials: Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Prev 2 of 6 Next > Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Req 48 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.) 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 1 General Journal Debit Credit View general journal Clear entry Record entry 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. 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 4A Req 5> 2 nts eBook 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. Req 1 Req 2 Req 3 Req 4A Req 48 Req 5 Ask ferences Prepare an income statement for the year. Froya Fabrikker A/S Income Statement For the Year Ended Selling and administrative expenses