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 $380,000 of manufacturing overhead for an estimated allocation base of 1,000 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $275,000. b. Raw materials used in production (all direct materials), $260,000. .Utility bills incurred on account, $74,000 (95% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs: C. Direct labor (1,100 hours) 305,000 105,000 185,000 Indirect labor Selling and administrative salaries e. Maintenance costs incurred on account in the factory, $69,000 f. Advertising costs incurred on account, $151,000 g. Depreciation was recorded for the year, $87,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment) h. Rental cost incurred on account, $112,000 (85% 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, $920,000. k. Sales for the year (all on account) totaled $1,950,000. These goods cost $950,000 according to their job cost sheets. C The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process 45,000 $36,000 $ 75,000 Finished Goods Required: 1. Prepare journal entries to record the preceding transactions X Answer is not complete. Complete this question by entering your answers in the tabs below Req 1 Req 5 Req 2 Req 3 Req 4A Rea 4B 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.) General Journal No Transaction Debit Credit Raw materials 275,000 a. 275,000 Accounts payable 2 b. Work in process 260,000 Finished goods 3 Utilities expense 3,700 C Accounts receivable 4 d. Salaries expense 185,000 Accumulated depreciation Manufacturing overhead 5 69,000 Purchases 6 f. Advertising expense 151,000 Accumulated depreciation