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Fraya Fabrikker A/S of Bergen, Norway, Is a sial company that manufactures specially heary equipment for use In North Sea ell helds. The company uses

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Fraya Fabrikker A/S of Bergen, Norway, Is a sial company that manufactures specially heary equipment for use In North Sea ell helds. The company uses a job order costing system that apples manufacturing overhead cost to jobs on the basis of direct labor hours. It's predetermined overhead rate was based on a cost formula that estimated $382,360 of manufacturing overhand for an estimated allocation base of $30 direct labor-hours. The following bansactions took place during the year a Raw matene's purchased on account, $300 000 b. Raw materials used in production (al direct materials), $285,000. Utility bills Incurred on account, $79,030 (30% related to factory operations, and the remainder related to selling and administrative aCINRies i Accrued salary and wage costs: direct labor (950 hours ) 3 330,60 Indirect 1aber 3 110, 083 selling and ahinistrative salaries 3 210, 029 Maintenance costs Incurred on account in the factory, $74 000 1. Adventsing costs incurred on account 3150,D00 g Depreciation was recorded for the year, $92030 180% related to factory equipment, and the remainder related to selling and administrative equipment. h Rental cost Incurred on account, $117000 (83% related to factory facilities, and the remainder related to selling and administrative facilties) L Manufacturing overhead cost was applied to jobs. 3 ? Cost of goods manufactured for the year. $970,000 Sales for the year fall on account, totaled $2 200.000 These goods cost $1000 009 according to their jobisosisnecta The balances in the Inventory ncepunts at the beginning of the year were But Placerials 353, 303 Mork an Process 841, 030 Finished 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 schiedure of cost of goods manufactured. AA Prepare a journal entry to close any balance in the Manufacturing Overhead account lo Coster Goods Said 48. Prepare a schedule pi test of goods sola 3. Prepare an income statement for the year Complete this question by entering your answers in the tabs below

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