Froya Fabrikker A/S of Bergen, Norway, 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 based on direct labor-hours, its predetermined ovethead rate was based on a cost formula that estimated $372,000 of manufacturing overthead for an estimated allocation base of 1,200 direct labor-hours. The following transactions occurred during the year: a. Raw materials purchased on account, $240,000. b. Raw materials used in production (all direct materials), $22.5.000 c. Utility bilis incured on account, $67,000 (95\% rebated to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs: e. Maintenance cosis incurred on account in the factory, $62.000 f. Advertising costs incurred on account, $144,000. 9. Depreciation recorded for the yeat, $80,000(85% retated to factory equipment. and the remainder refated to seling and administralve equipment? h. Remal cost incurred on account, $105,000 (90\% related to factory facilites, and the remainder related to selling and administrative facities). L. Manufacturing overhead cost applled to jobs, $ ? 1. Cost of goods manufactured, $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. e. Maintenance costs incurred on account in the factory, $62,000 f. Advertising costs incurred on account, $144,000. 9. Depreciation 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 seling and administrative facilities). 1. Manufacturing overhead cost applied to jobs, $ ? 1. Cost of goods manufactured, $850,000. k. Sales for the year (all on account) totaled $1,600,000. These 900ds cost $880,000 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 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. AB. Prepare a schedule of cost of goods sold. 5. Prepare an income statement. Complete this question by entering your answers in the tats below