Froya Fabikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oll 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 $357,000 of manufacturing overhead for an estimated allocation base of 1020 direct labor hours. The following transactions took place during the yean 354 a Raw materials purchased 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: OK not Direct labor (1,095 hours) Indirect labor Selling and administrative salaries $ 290,000 $ 102,000 $ 170.000 e. Maintenance costs incurred on account in the factory, $66,000 Advertising costs incurred on account. $148,000 9. Depreciation was recorded for the year, $84,000 (75% related to factory equipment and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $109,000 (80% related to factory facilities, and the remainder related to selling and administrative facilities) 1. Manufacturing overhead cost was applied to jobs $_2 J. 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. 3 The balances in the inventory accounts at the beginning of the year were 24 Boint w Materials Work In Process Finished Goods $ 42,000 $ 33,000 5.72.000 DOOR 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 4. Prepare a journal entry to close any balance in the Monufacturing Overhead account to Cost of Goods Sold 4. Prepare a schedule of cost of goods sold, 5. Prepare an income statement for the yeat. Part Rece Complete this question by entering your answers in the tabs below. Reg1 Rea 2 Req3 Reg4 Red 40 Reg 5 Prepare journal entries to record the preceding transactions. It no entry is required for a transaction/event, select "No Journal entry required in the first account field) View transaction list Journal entry worksheet Reg 1 3 Red 2 Reg Reg 4 Reg 48 Reg 5 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) View transaction list os Journal entry worksheet Print etences The utility bills were incurred on account, $71,000 (80% related to factory operations, and the remainder related to selling and administrative activities). Note: Enter debits before credits. Transaction General Journal Debit Credit c Record entry Clear entry View general journal Req 1 Reg 2 Req3 Req 4A Req 4B Reg 5 Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/ required in the first account field.) View transaction list 37 Journal entry worksheet 1 tes The salary and wage costs accrued were $290,000 (Direct labor), $102,000 (Indirect labor), $170,000 (Selling and administrative salaries). Note: Enter debits before credits. General Journal Debit Credit Transaction d Record entry Clear entry View general journal Journal entry worksheet The advertising costs were incurred on account, $148,000. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Reg 1 Req 2 Reg 3 Reg 4A Reg 5 Req 4B Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/event required" in the first account field.) View transaction list Journal entry worksheet 7 4 5 6 12 The depreciation was recorded for the year, $84,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment). Note: Enter debits before credits. Transaction General Journal Debit Credit g Record entry Clear entry View general journal Reg 1 Reg 2 Req3 Req 4A Req 4B Req 5 Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/ required" in the first account field.) View transaction list 29:39 Journal entry worksheet nt ences The entry for rental cost incurred on account on buildings, $109,000 (80% related to factory facilities, and the remainder related to selling and administrative facilities). Note: Enter debits before credits. General Journal Debit Credit Transaction h Record entry Clear entry View general journal Req 1 Req 2 Req 3 Req 4A Prepare journal entries to record the preceding transactions. (If no entry is required for a transacti required" in the first account field.) View transaction list Journal entry worksheet 3 Req 2 Req3 Req 4A Reg 1 Reg 48 Reg 5 Prepare a schedule of cost of goods manufactured. 4 oints Froya Fabrikker A/S Schedule of Cost of Goods Manufactured EXO Direct materials 01:55:22 eBook Total raw materials available Print Materials used in production References Total manufacturing costs 0 Cost of goods manufactured transaction event, Sereul NU JUurna enly required in the USL DCLOUT Heu.) View transaction list Journal entry worksheet 8 01:54:54 Req 1 Reg 2 Reg 3 Req 4A Req 48 Reg 5 eBook Print Prepare a schedule of cost of goods sold. Froya Fabrikker A/S Schedule of Cost of Goods Sold References Complete this question by entering your answers in the tabs below. 01:54:36 Reg 1 Req 2 Req3 Reg 4A Req 4B Req 5 Book Prepare an income statement for the year. Print Terences Froya Fabrikker A/S Income Statement For the Year Ended 0 Selling and administrative expenses 0 0