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 laborhours. Its predetermined overhead rate was based on a cost formula that estimated $351,000 of manufacturing 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, $265,000. b. Raw materials used in production (all direct materials), $250,000. c. Utility bills incurred on account, $72,000 ( 85% 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, $67,000 f. Advertising costs incurred on account, $149,000. g. Depreciation was recorded for the year, $85,000 (70\% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $110,000 (75\% 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, $900,000. k. Sales for the year (all on account) totaled $1,850,000. These goods cost $930,000 according to their job cost sheets. Journal entry worksheet Record the entry to close any balance in the manufacturing overhead account to cost of goods sold. Note: Enter debits before credits. Prepare a schedule of cost of goods sold. Prepare an income statement for the year