Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labo hoursIts predetermined overhead rate was based on a cost formula that estimated $372,000 of manufacturing overhead for an estimated allocation base of 1.200 direct laborhours. The following transactions took place during the year

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 $372,000 of manufacturing overhead for an estimated allocation base of 1,200 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $240,000. b. Raw materials used in production (all direct materials). $225,000. c Utility bills incurred on account, $67,000 (95% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: Direct labor (1,275 hours) Indirect labor Selling and administrative salaries $ 270,000 $ 98,000 $ 150,000 e. Maintenance costs incurred on account in the factory, $62,000 f. Advertising costs incurred on account, $144,000. g. Depreciation was recorded for the year, $80,000 (85% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $105,000 (90% related to factory facilities, and the remainder related to selling and administrative facilities). Manufacturing overhead cost was applied to jobs, $ ? J. Cost of goods manufactured for the year, $850,000. k. Sales for the year (all on account) totaled $1,600,000. These goods cost $880,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Pinished Goods $ 38,000 $ 29,000 $ 68,000 Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Sales Beg. Bal. Beg. Bal End. Bal End. Bal. Raw Materials Cost of Goods Sold Beg. Bal. Beg Bal End. Bal. End. Bal Work in Process Manufacturing Overhead Beg Bal Beg Bal End Bal End. Eal Finished Goods Advertising Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accumulated Depreciation Utilities Expense Beg Bal. Beg. Bal. End. Bal End. Bal Accounts Payable Salaries Expense Beg. Bal Beg. Bal End. Bal End Bal Reg 1 Reg 2 Reg 3 Reg 4A Reg 4B Reg 5 Prepare a schedule of cost of goods manufactured, Froya Fabrikker AS Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Materials used in production Total manufacturing costs O Cost of goods manufactured C R 2 Red A Prepare a journal entry to close any balance in the Manufacturing Overhead account to required for a transaction/event, select "No journal entry required" in the first account View transaction list Journal entry worksheet 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 Req 3 Req 4A Req 4B Req 5 Prepare a schedule of cost of goods sold. Froya Fabrikker A/S Schedule of Cost of Goods Sold Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Req 48 Reg 5 Prepare an income statement for the year. Froya Fabrikker A/S Income Statement For the Year Ended 0 Selling and administrative expenses Red 43