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 $357000 of manufacturing overhead for an estimated allocation base of 1,020 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $260,000 b. Raw materials used in production (all direct materials), $245,000 C. Utility bills incurred on account, $71,000 (80% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs Direct labor (1,095 hours) Indirect labor $ 290,000 $ 102,000 $ 170,000 Selling and administrative salaries e. Maintenance costs incurred on account in the factory, $66,000 f. Advertising costs incurred on account, $148,000 g. Depreciation was recorded for the year, $84,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment) h. Rental cost incurred on account, $109,000(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, $890,000 k. Sales for the year (all on account) totaled $1,800,000. These goods cost $920,000 according to their job cost sheets The balances in the inventory accounts at the beginning of the year were Raw Materials 42,000 33,000 $ 72,000 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