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 $378,000 of manufacturing overhead for an estimated allocation base of 900 direct labor hours. The following transactions took place during the year: unt, $285.000 a $270,000. a. Raw materials purchased on account, $285,000. b. Raw materials used in production (all direct materials). $270,000. c. Utility bills incurred on account, $76,000 (85% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs: rations, and Direct labor (950 hours) Indirect labor Selling and administrative salaries $ 315,000 $107.000 $ 195,000 e. Maintenance costs incurred on account in the factory, $71.000 t Advertising costs incurred on account, $153,000 g. Depreciation was recorded for the year, $89.000 (70% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $114,000 (75% related to factory facilities, and the remainder related to selling and administrative facilities) L Manufacturing overhead cost was applied to jobs, $_? Cost of goods manufactured for the year, $940,000 k. Sales for the year (all on account totaled $2,050,000. These goods cost $970,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materiala Work in Proces Finished Goods $47.000 $ 38,000 $77,000 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 journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold 48. 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. Reg 1 Req3 Reg 4 Req 45 Regs Prepare journal entries to record the preceding transactions. (If no antry is required for a transaction/event, select "No journal entry required in the first account theid) View transaction ist Journal entry worksheet 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 48. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year. ces Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req3 Reg 4A Reg 43 Reg 5 Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/event, selec required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 8 ..... 12 The raw materials were purchased for use in production, $285,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Reg 2 > Reg 1 Req2 Req3 Reg 4 Req 48 Res Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Beg Bal Beg Bal End, Bal Raw Materials Cost of Goods Sold Beg Bal Beg Bal End. Bal. End. Bal. Work In Process Manufacturing Overhead Beg. Bal. A Finished Goods dvertising Expens End. Bal. Utile Exp Beg Bal. End. Bal. Finished Goods Advertising Expense Beg. Bal. End Bal Accumulated Depreciation Utilities Expense Beg Bal End. Accounts Payable Salaries Expense Beg. Bal Depreciation Expense Salaries & Wages Payable Beg Bal End. Bal Beg Bal } Cost of goods manufactured for the year, $940,000. k Sales for the year (all on account) totaled $2,050,000. These goods cost $970,000 according to their job The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods $ 47,000 $ 38,000 $ 77,000 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 journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods So 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. Reg 1 Reg 2 Reg 3 Req 4A Req 48 Regs Prepare a schedule of cost of goods manufactured Froya Fabrikker A/S Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Materials used in production Total marufacturing costs Cost of goods manufactured Reg 4A 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 G 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. Reg 1 Req 2 Reg 3 Req 4A Req 4B Reg 5 Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. transaction/event, select "No journal entry required in the first account field.) View transaction list 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 Transaction General Journal Debit Credit Record entry Clear entry View general Journal The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods $ 47,000 $ 38,000 $77,000 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 al 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to 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 Reg 2 Reg 3 Reg 4A Req 4B Req 5 Prepare a schedule of cost of goods sold. Froya Fabrikker A/S Schedule of Cost of Goods Sold Raw Materials Work in Process Finished Goods $ 47,000 $ 38,000 $ 77,000 Hint ences 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 bal 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead acc 48. 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 Reg 3 Req 4A Req 48 Req 5 Prepare an income statement for the year. Froya Fabrikker A/S Income Statement For the Year Ended Selling and administrative expenses: C Reg 4B