Froya Fabrikker A/S of Bergen, Norway, manufactures specialty heavy equipment for use in North Sea oal fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs based on direct labor-hours. Its predetermined overhead rate was based on a cost formula that estimated $373,700 of manufacturing overhead for an estimated allocation base of 1,010 direct labor-hours. The following transactions occurred during the year: a. Raw materials purchased on account. $255,000. b. Raw materials used in production (all direct materials), $240,000. c. Utility bills incurred on account, $70.000 (95\% 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, $65,000 1. Advertising costs incurred on account, $147,000. 9. Depreciation recorded for the year, $83,000(80% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurfed on account, $108,000(85% related to factory faciltes, and the remainder related to seling and acimsistrative facilities) 1. Manufacturing overhead cost applied to jobs. $ _ ? j. Cost of goods manufactured, $880.000 k. Sales for the year (all on account) totaled $1,750,000. These goods cost $910,000 according to their job cost sheets. The beginning balances in the inventory accounts were: e. Maintenance costs incurred on account in the factory, $65,000 t Advertising costs incurred on account, $147,000. 9. Depreciation recorded for the year. $83.000(80% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $108.000 (85\% related to factory facilities, and the remainder related to setling and administrative facilities). L. Manufacturing overhead cost applied to jobs.\$ ? j. Cost of goods manufactured. $880,000. k. Sales for the year (all on account) totaled $1,750,000. These goods cost $910,000 according to their job cost sheets. The beginning balances in the inventory accounts were: Required: 1. Prepare journal entries to record the preceding transactions: 2. Post your entrles to. T-accounts. (Don)t forget to enter the beginining inventory balances above) 3. Prepare a schedule of cost of goods manufactured. AA. Prepare a joumal entry to dose 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. Complete this question by entering your answers in the tabs below