face Check my work mode: This shows what is correct or incorrect for the work you have completed Froya Fabrikket A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Seal 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 $336,000 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, $225.000 Raw materials used in production all direct materials, 5210,000 c. Utility bills mcurved on account $58.000(95% related to factory operations, and the remainder related to sing and administrative d. Accrued salary and wage costs Director hours) Selling and strative salari Indret 5.255.000 55.00 511,000 e Maintenance costs incurred on account in the factory, 559.000 1. Advertising costs incurred on account, SH1000 administrative equipment Depreciation was recorded for the year. 589.000 (ros related to factory equipment, and the remainder related to seting and Rental cost incanted on account. $14.000 (75% related to factory facilities, and the remander related to seting and administranice Manufacturing overhead cost was applied to jobs Cost of goods manufactured for the year 5820000 Sales for the year all on account totale $14560,000. These good cont $850 000 according to the yon cost cheets facilities The balances is the inventory accounts at the beginning of the year were 53,00 2. In Process Prey 12 Ned> Type here to search O 2 5 6 7 8. Required: 1. Prepare journal entries to record the preceding transactions 2 Post your entries to 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Rei Reg2 Rega Reg4 Reg 4 Regs Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above) Accuents Receivable Beg Ball Beg End Bal End Bal Cost of Goods Sold Beg B Beg Ball Raw Materials 35.000 225 000 50.000 End Dal End B 310.000 pe here to search 2 3 5 6 7 8 WER T U Work In Process Manufacturing Overhead Beg Bal Beg Bal 26.000 210,000 255,000 360 000 851 000 End Bal End Bal Finished Goods Advertising Expense Beg Bal Beg Bal End Bal End, Bal Accumulated Depreciation Utilities Expense Beg Bal Beg B End Bal End Bal Accounts Payable Salaries Expense Beg Bal Beg Bal End. Bal Prov 1 of 2 Next > here to search O 160 & Accounts Payable Salaries Expense Beg Bal Beg Bal End Bal End Bal Depreciation Expenses Salaries & Wages Payable Beg Bal Beg End Bad End Bal Rent Expense Beg Bal End Bal Prev 1 of 2 Next > pe here to search O im & face Check my work mode: This shows what is correct or incorrect for the work you have completed Froya Fabrikket A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Seal 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 $336,000 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, $225.000 Raw materials used in production all direct materials, 5210,000 c. Utility bills mcurved on account $58.000(95% related to factory operations, and the remainder related to sing and administrative d. Accrued salary and wage costs Director hours) Selling and strative salari Indret 5.255.000 55.00 511,000 e Maintenance costs incurred on account in the factory, 559.000 1. Advertising costs incurred on account, SH1000 administrative equipment Depreciation was recorded for the year. 589.000 (ros related to factory equipment, and the remainder related to seting and Rental cost incanted on account. $14.000 (75% related to factory facilities, and the remander related to seting and administranice Manufacturing overhead cost was applied to jobs Cost of goods manufactured for the year 5820000 Sales for the year all on account totale $14560,000. These good cont $850 000 according to the yon cost cheets facilities The balances is the inventory accounts at the beginning of the year were 53,00 2. In Process Prey 12 Ned> Type here to search O 2 5 6 7 8. Required: 1. Prepare journal entries to record the preceding transactions 2 Post your entries to 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Rei Reg2 Rega Reg4 Reg 4 Regs Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above) Accuents Receivable Beg Ball Beg End Bal End Bal Cost of Goods Sold Beg B Beg Ball Raw Materials 35.000 225 000 50.000 End Dal End B 310.000 pe here to search 2 3 5 6 7 8 WER T U Work In Process Manufacturing Overhead Beg Bal Beg Bal 26.000 210,000 255,000 360 000 851 000 End Bal End Bal Finished Goods Advertising Expense Beg Bal Beg Bal End Bal End, Bal Accumulated Depreciation Utilities Expense Beg Bal Beg B End Bal End Bal Accounts Payable Salaries Expense Beg Bal Beg Bal End. Bal Prov 1 of 2 Next > here to search O 160 & Accounts Payable Salaries Expense Beg Bal Beg Bal End Bal End Bal Depreciation Expenses Salaries & Wages Payable Beg Bal Beg End Bad End Bal Rent Expense Beg Bal End Bal Prev 1 of 2 Next > pe here to search O im &