I NEED HELP WITH REQ 2.

I STARTED BUT I'M STUCK AND UNSURE OF MY ANSWERS.

Problem 3-15 (Algo) Journal Entries; T-Accounts; Financial Statements [LO3-1, LO3-2, LO3-3, LO3-4) 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 $342,000 of manufacturing overhead for an estimated allocation base of 950 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $210,000. b. Raw materials used in production (all direct materials), $195,000. c. Utility bills incurred on account, $61,000 (95% related to factory operations, and the remainder related to selling and administrativ activities). d. Accrued salary and wage costs: Direct labor (1,025 hours) Indirect labor Selling and administrative salaries $ 240,000 $ 92,000 $ 120,000 e. Maintenance costs incurred on account in the factory, $56,000 f. Advertising costs incurred on account, $138,000. g. Depreciation was recorded for the year, $86,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $111,000 (80% related to factory facilities, and the remainder related to selling and administrative facilities). i. Manufacturing overhead cost was applied to jobs, $_? j. Cost of goods manufactured for the year, $790,000. k. Sales for the year (all on account) totaled $1,300,000. These goods cost $820,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods $ 32,000 $ 23,000 $ 62,000 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. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req3 Req 4A Req 4B Reg 5 Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Sales 0 Beg. Bal. k. Beg. Bal. k. 1,300,000 1,300,000 End. Bal. 1,300,000 End. Bal. 1,300,000 Beg. Bal. Raw Materials 32,000 210,000 Beg. Bal. k. a. Cost of Goods Sold 0 820,000 9,750 829,750 195,000 End. Bal. End. Bal. 47,000 Work in Process Manufacturing Overhead Beg. Bal. Beg. Bal. b. C. Work in Process 23,000 195,000 240,000 369,000 790,000 37,000 d. e Manufacturing Overhead 0 61,000 92,000 56,000 64,500 88,800 369,000 6,700 End. Bal. 9 h. .. End. Bal. Finished Goods Advertising Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accumulated Depreciation Utilities Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable Salaries Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Depreciation Expense Salaries & Wages Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Rent Expense Beg. Bal. End. Bal