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 taborhours. Its predetermined overhead rate was based on a cost formula that estimated $349.800 of manufacturing overthead for an estimated allocation base of 1,060 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $230,000. b. Raw materials used in production (all direct materials), $215,000. c. Utility bills incurred on account, $55,000(85% related to factory operations, and the remainder related to selling and administrat activities). d. Accrued salary and wage costs: e. Maintenance costs incurred on account in the factory, $60,000 f. Advertising costs incurred on account, $142,000. 9. Depreciation was recorded for the year, $90,000 (75\% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $115,000 (80\% related to factory facilities, and the remainder related to selling and administra facilities). 1. Manufacturing overhead cost was applied to jobs, $ ? 1. Cost of goods manufactured for the year, $830,000. k. Sales for the year (all on account) totaled $1,500,000. These goods cost $860,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Required: 1. Prepare journal entries to record the preceding transactions. Required: 1. Prepare joumal entries to record the preceding transections 2. Post your entries to T-0ecounts. (bont forget to enter the beginning inventery bsibnces above). 3. Propare a schedule of cost of popds manufactured. 4A. Prepare a journal entry to close any bolance in the Manufacturing Overhead account to Cost of Goeds Sold. 48. Prepare o schedule of cost of goods sold 5. Prepare an income statement for the yest Complete this question by entering your answers in the tabs below. Prepare journat entries to record the grecoding transactions. (Af no entry is resuared for a traksacklen/event, arect "Wo required" in the first docount field.) Journal entry worksheet fusker Eneer debits befise cred ct 1. Compute the underappired or owprapehsd owehest entry ind Cost of Goods Sold Prepare the apptepriste joutral entiy 4. How mueh higher of lower will net opvrating income be if the underappled cr evevecoled overheqd a allocabed is week Fintited soodis and Cost of coods Sold rather than bewng closed to Cest of Gocds Sold? Complete this auestion by entering yowr ariswers in the tabs belew. Comipute the underabeled sr avarupgled everteat