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 $342,000 of manufacturing overhead for an estimated allocation base of 950 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $210,000. b. Raw materials used in production (all direct materials), $195,000. c.Utility bills incurred on account, $61,000 (95% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: Direct labor (1,025 hours ) Indirect labor $ 240,000 $ 92,000 $ 120,000 Selling and administrative salaries ces e. Maintenance costs incurred on account in the factory, $56,000 f. Advertising costs incurred on account, $138,000. g. Depreciation was recorded for the year, $86,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $111,000 (80% 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, $790,000. k. Sales for the year (all on account) totaled $1,300,000. These goods cost $820,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials $32,000 Prev 5 of 5 hloxt The balances in the inventory accounts at the beginning of the year were: $32,000 $ 23,000 62,000 Raw Materials Work in Process 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 schedule of cost of goods manufactured 4A.Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 4B. Prepare a schedule of cost of goods sold. 5. 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 4B Req 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.)