Froya Fabrikker ANS of Bergen, Norway, is a small company that manufactures speciaity heavy equipment for use in North Sea ol elds. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labcr-hours. Its predetermined overhead rate was based on a cost formula that estimated $360,000 of manfacting overhead for an estimated allocation base of 900 direct labor-hours. The following transactions took place during the year a. Raw materials purchased on account, $200,000 b. Raw materials used in production (al direct materials), $185,000 c Utility bills incurred on account, $70,000 (90% related to factory operations, and the rernander related to seling and administrative acivities) d. Accrued salary and wage costs: Direct labor (975 hours) $ 230,000 $90,000 110,000 Indirec! labor Selling and administralive salaries e. Maintenance costs incurred on account in the factory, $54,000 f Advertising costs incurred on account, $136,000 g Depreciation was recorded for the year, $96.000 (80% related to factory equipment, and the remasinder related to seling and administrative equipment) h. Rental cost incurred on account, $120,000 (85% related to factory facilities, and the remainder related to selling anddrministrativo faciltos) i. Manufacturing overhead cost was applied to jobs, S j. Cost of goods manufactured for the year k. Salles for the year (al on account) totaled $1,200,000. These goods cost $800,000 according to their job cost sheets. , $770,000 The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods 30,000 21,000 $ 60,000 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 schedule of cost of goods manufactured 4A. Prepare a jcurnal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold 4B. Prepare a schedule of cost of goods sold. 6. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Req 48 Req 5 Post your entries to T-accounts. (Don't forget to enter the beginning in wentory balances above.) Accounts Receivable Sales Beg. Bal Beg. Bal End. Bal End. Bal Raw Materials Cost of Goods Sold Beg. Bal Beg. Bal 200,000 End. Ba End. Bal. 200,000 Work in Process ng Beg. Bal. Beg. Bal 63.000 90.000 4,000 390.000 End. Bal. 102,000 End. Bal 81,000 Advertising Expense Beg. Bal. 60.000 Beg. Bal 70,000 800,000 End. Bal End. Bal. 30,000 Beg. Bal Beg. Bal End. Ba End. Bal Accounts Payable Salaries Expense Beg. Bal Beg. Bal End. Bal End, Bal Depreciation Expense Salaries & Wages Payable Beg. Bal Beg. Bal End, Bal End. Bal Rent Expense Beg. Bal End, Bal