Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold. Accumulated Depreciation Deprociation Expense Utilities Expense Bent Expease: Prepare a schedule of cost of goods manufactured. Prepare a joumal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (If no ent transaction/event, select "No journal entry required" in the first account field.) 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. st vour entries. to Tsaccounts. (Don't foraet to enter the beoinnina inventory balances above. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year: Prepare journal entries to record the preceding transactions, (If no entry is required for a transaction/ event, sefect "No joumal fntry required" in the first account flelds) Journal entry worksheet 345678 12 The raw materiats were purchased for use in production, $260,000 on account. Woter Eniter debits tielore credits. Froya Fabrikker AS 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 laborhours its predetermined overhead rate was based on a cost formula that estimated $357,000 of manufacturing overhead for an estimated allocation base of 1.020 direct labor-hours. The following transactions took place during the year. a. Raw materials puichased on account, $260,000 : b. Raw materials used in production (all direct materials), $245,000 c. Utility bills incurred on account, $71,000(80% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs e. Maintenance costs incurred on account in the factory, $66,000 f. Advertising costs incurred on account, $148,000. 9 Depreciation was recorded for the year, $84,000 (75\% related to factory equipment, and the remainder reiated to seling and administrative equipment). h. Rental cost incurred on account, $109,000(80% related to factory facilities, and the remainder felated to selling and administrative facilitiest: Manufacturing overhead cost was applied to jobs, \$ ? i. Cost of goods manufactured for the year, $890,000 k. Sales for the year (all on account) totaled $1,800,000. These goods cost $920,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Required: 1. Prepare joumat entnes to record the preceding transactions 2. Pont your entries to T-accounts. (Don't forget to enter the beginning inventory balances above) 3. Prepare a schedule of cost of goods manufactured. AA. Prepare a journat entry to close any balance in the Manufacturing Overhead account to Cost of Goods sold. AB Prepare-a schedule of cost of goods sold. 5 Prepare an income statement for the yeat. Complete this question by entering your answers in the tabs below
