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Froya Fabrikker A / S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The
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 joborder 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 $ of manufacturing overhead for an estimated allocation base of direct laborhours. The following transactions took place during the year: a Raw materials purchased on account, $ b Raw materials used in production all direct materials $ c Utility bills incurred on account, 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, $ f Advertising costs incurred on account, $ g Depreciation was recorded for the year, related to factory equipment, and the remainder related to selling and administrative equipment h Rental cost incurred on account, $ related to factory facilities, and the remainder related to selling and administrative facilities i Manufacturing overhead cost was applied to jobs, $ j Cost of goods manufactured for the year, $ k Sales for the year all on account totaled $ These goods cost $ according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Required: Prepare journal entries to record the preceding transactions. Post your entries to Taccounts. Dont forget to enter the beginning inventory balances above. Prepare a schedule of cost of goods manufactured. 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. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Req Prepare an income statement for the year. Provide the answers for each number for the question AND PLEASE MAKE THE TABLE, will give like!!
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 joborder 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 $ of
manufacturing overhead for an estimated allocation base of direct laborhours. The following transactions took place
during the year:
a Raw materials purchased on account, $
b Raw materials used in production all direct materials $
c Utility bills incurred on account, 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, $
f Advertising costs incurred on account, $
g Depreciation was recorded for the year, related to factory equipment, and the remainder related to selling
and administrative equipment
h Rental cost incurred on account, $ related to factory facilities, and the remainder related to selling and
administrative facilities
i Manufacturing overhead cost was applied to jobs, $
j Cost of goods manufactured for the year, $
k Sales for the year all on account totaled $ These goods cost $ according to their job cost sheets.
The balances in the inventory accounts at the beginning of the year were:
Required:
Prepare journal entries to record the preceding transactions.
Post your entries to Taccounts. Dont forget to enter the beginning inventory balances above.
Prepare a schedule of cost of goods manufactured.
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.
Prepare an income statement for the year.
Complete this question by entering your answers in the tabs below.
Req
Prepare an income statement for the year.
Provide the answers for each number for the question AND PLEASE MAKE THE TABLE, will give like!!
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