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 $$399,000$ of manufacturing overhead for an estimated allocation base of $1,050$ direct labor$-$hours. The following transactions took place during the year:$5.$Maintenance costs incurred on account in the factory, $$70,0006.$Advertising costs incurred on account, $$152,000\mathrm{.}7.$Depreciation was recorded for the year, $$88,000(85\%$ related to factory equipment, and the remainder related to selling and administrative equipment$)\mathrm{.}8.$Rental cost incurred on account, $$113,000(90\%$ related to factory facilities, and the remainder related to selling and administrative facilities$)\mathrm{.}9.$Manufacturing overhead cost was applied to jobs, $$?\mathrm{.}10.$Cost of goods manufactured for the year, $$930,000\mathrm{.}11.$Sales for the year $($all on account$)$ totaled $$2,000,000.$ These goods cost $$960,000$ according to their job cost sheets.The balances in the inventory accounts at the beginning of the year were:A$.)$ Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.b$.)$Prepare a schedule of cost of goods sold.