i have all of thia done but cant seem to figure out what im missing
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 $360,000 of manufacturing overhead for an estimated allocation base of 900 direct labor-hours. The following transactions took place during the year a. Raw materials purchased on account. $200,000 b. Raw materials used in production (all direct materials) $185.000 c. Utility bills incurred on account, $70,000 (90% telated to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs: Direct labor (975 hours) Indirect labor Selling and administrative salaries $ 230,000 $90,000 $110.000 e. Maintenance costs incurred on account in the factory. $54.000 1. Advertising costs incurred on account $136,000 9 Depreciation was recorded for the year $95,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment) h. Rental cost incurred on account. $120,000 (85% related to factory facilities, and the remainder related to selling and administrative facilities) Manufacturing overhead cost was applied to jobs. $. ? Cost of goods manufactured for the year $770.000 Sales for the year fall on account) totaled $1200,000. These goods cost $800,000 according to their job cost sheets The balances in the inventory accounts at the beginning of the year were Row Materials Work in Process Finished Goods $30,000 $ 21,000 $ 60,000 Required: 1. Prepare journal entries to record the preceding transactions 2 Post your entre to T-accounts. (Don't forget to enter the beginning inventory balances above) 3. Prepare a schedule of cost of goods manufactured 4A Prepare 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 for the year Credit General Journal Debit 200,000 No Transaction 1 a 200,000 0 Raw materials Accounts payable 0 185 000 2 Work in process Raw materials 185.000 3 7000 63000 Utlites expert Manufacturing overhead Accounts payable 70 000 OOO OOOO d Work in process Manufacturing overhead Salvies expense Salaries and wages payable 230 000 90.000 110.000 430,000 54.000 5 Manufacturing overhead Accounts payable 54000 136.000 6 Advertising expense Accounts payabile OO 136.000 7 Manufacturing overhead Depreciation expense Accumulated depreciation 75,000 19,000 DO 95.000 Manufacturing overhead Rent expert Accounts payable OOO OOO 102.000 18000 120.000 300.000 1 Work in process Manufacturing overhead 300.000 10 770,000 Fished goods Work in process 770.000 11 (1) Accounts receivable 1,200,000 1.200.000 o 12 C) Cast of goods w s 300,000 Answer is not complete. 3 Complete this question by entering your answers in the tabs below. Reg 2 Reg Reg 3 Reg 4 Reg 16 Red 5 Post your entries to accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Sales Beg Bail Beg B 1200,000 1.200.000 K 1,200,000 Endal 1.200,000 End a Cost of Goods Sold Raw Materials 30.000 200,000 185000 Beg Bal a Beg Bal b 800.000 End B 800,000 End Bal 45,000 Manufacturing Overhead Beg Bal Beg Bal b Work In Process 21.000 16 000 770.000 230.000 300 000 30 000 OOO d OOOOO 1000 90.000 54000 70 000 102.000 End had 56.000 h End Bul bood Advertising Expense Begle Finished Goods 0 000 770 000 20.000 Beg Ball 16000 End Bal 135 000 End Beg Bat 5000 End Bal 3 Advertising Expense Finished Goods 60.000 770,000 800 000 Beg Bar 1 Beg Bal 1 5 points 135.000 End Bal 136.000 End B 30,000 Uulities Expense Accumulated Depreciation Beg Bal Beg Bal 96,000 7,000 End B 95.000 7,000 End. Bal Accounts Payable Salaries Expense Beg Bal Beg Bal d 110,000 200,000 a 70 000 54.000 le 136,000 120,000 End Bar 110,000 OOOO End Bal 580 000 Depreciation Expense Salaries & Wages Payable Beg Bal 9 Beg Bal 19.000 40,000 End Bal 19.000 End Bal 430 000 Rent Expense Beg Bal th 18.000 18.000 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. 4B. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 2 Reg 4 Regs Reg 3 Reg 1 Reg 45 Prepare a schedule of cost of goods manufactured. Fraya Fabrikker A/S Schedule of Cost of Goods Manufactured Direct materials Beginning raw materials inventory s 30,000 Add Purchases of raw materials 200 000 Total raw materials available 230,000 Less Ending raw materials inventory 45 000 Misterials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing cost Add: Beginning work in process inventory $ 185.000 230,000 300,000 805,000 21.000 826,000 56,000 770,000 Less Ending work in process inventory Cost of goods frontactured e. Maintenance costs incurred on account in the factory, $54,000. 1 Advertising costs incurred on account, $136.000 9 Depreciation was recorded for the year. $95.000 (80% related to factory equipment, and the remainder related to selling and administrative equipment). n. Rental cost incurred on account, $120,000 (85% related to factory facilities, and the remainder related to selling and administrative facilities). Manufacturing overhead cost was applied to jobs, $_? Cost of goods manufactured for the year, $770,000. k Sales for the year (all on account) totaled $1.200,000. These goods cost $800,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: and Materials Work in Process Finished Goods $ 30,000 $ 21,000 $ 60,000 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. 4. Prepare a journal entry to close 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 for the year Answer is not complete. Complete this question by entering your answers in the tabs below. Reg1 Req2 Reg 3 Reg4 Reg 45 Red 5 Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the list account field.) No Transaction General Journal Debit Credit 1 Marutacturing overhead 5,000 Cost of goods sold 5,000 1 Finished Goods $ 60,000 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 48. Prepare a schedule of cost of goods sold, 5. Prepare an income statement for the year. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req3 Reg 4 Req 48 Reqs Prepare an income statement for the year. Froya Fabricker AS Income Statement For the Year Ended Sales Cost of goods sold Gross margin Selling and administrative expenses Utilities expense 7,000 Advertising expenses 136,000 Salaries expense 110,000 Depreciation expense 19.000 Rent expense 18.000 $ 1,200,000 795,000 405,000 OOOOO soololo 290,000 115.000 s
