Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i have 30mins until due pls help with all required parts or as much as possible anything helps! thank you! can i please get all

i have 30mins until due pls help with all required parts or as much as possible anything helps! thank you!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
can i please get all required parts image text in transcribed
2 The raw materials used in production (all direct materials), $190,000. 3 The utility bills were incurred on account, $60,000 ( 90% related to factory operations, and the remainder related to selling and administrative activities). 4 The salary and wage costs accrued were $235,000 (Direct labor), $91,000 (Indirect labor), $115,000 (Selling and administrative salariest? 5 The maintenance costs were incurred on account in the factory, $55,000. 6 The advertising costs were incurred on account, $137,000. 7 The depreciation was recorded for the year, $85,000 (70\% related to Note : = journal entry has been entered Complete this question by entering your amoris in the tatn below. Prepare joumal eatries his recond the proceding transactions. Notes: If no eatry is required for a tranuction/eveat, select "No journal eatry required" in the first accoust field. 1 The taw materials were purchased for use in production, $205,000 on accoust. 2 The raw materials used in production (all direct materials), $190,000. 3 The utility bills were incurred on accouat, 560,000(90% related to factory operations, and the remainder related to selling and 12 Prepare a schedule of cost of goods manufactured. 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. 5. Prepare an income statement. Complete this question by eaterims yeur arswers in the tabs below. Prepare an income statemeat. Froya Fabrikker A/S of Bergen, Norway, manufactures specialty heavy equipment for use in North Sea oil ficlds. 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 $329,000 of manufacturing overhead for an estimated allocation base of 940 direct labor-hours. The following transactions occurred during the year: a. Raw materials purchased on account, $205,000, b. Raw materials used in production (all direct materials), $190,000, c. Utility bills incurred on account, $60,000(90% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs: e. Maifitenance costs incurred on account in the factory, $55,000 f. Advertising costs incurred on account, $137,000. 9. Depreciation recorded for the year, $85,000(70% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $110,000 ( 75% related to factory facilities, and the remainder related to selling and administrative facilities). i. Manufacturing overhead cost applied to jobs, \$_? j. Cost of goods manufactured, $780,000. 7 The depreciation was recorded for the year, $85,000(70% related to factory equipment, and the remainder related to selling and administrative equipment). 8 The entry for rental cost incurred on account on buildings, $110,000 (75\% related to factory facilities, and the remainder related to selling and administrative facilities). 9 The end for manufacturing overhead cost applied to jobs. 10 The cost of goods manufactured for the year, $780,000. 11 The sales for the year (all on account) totaled $1,250,000. 12 The goods cost $810,000 according to their job cost sheets. Note : O joumal entry has been entered

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Operational Auditing An Introduction With Suggested Answers To Discussion Questions

Authors: Darwin J. Casler

1st Edition

0894130978, 978-0894130977

More Books

Students also viewed these Accounting questions

Question

Explain the functions of financial management.

Answered: 1 week ago

Question

HOW MANY TOTAL WORLD WAR?

Answered: 1 week ago

Question

Discuss the scope of financial management.

Answered: 1 week ago

Question

Discuss the goals of financial management.

Answered: 1 week ago

Question

2. Identify conflict triggers in yourself and others

Answered: 1 week ago