Manufacturing overhead Rent expense 87,200 21,800 Accounts payable 109,000 Work in process Manufacturing overhead 10 Finished goods 890,0000 Work in process 890.000 Accounts receivable 1,800,000 Sales 1,800,000 12 k(2) 920,000 Cost of goods sold Finished goods 920,000 Accounts Receivable Sales Beg. Bal Beg. Bal End. Bal End. Bal. Raw Materials Cost of Goods Sold Beg. Bal Beg. Bal. End. Bal End. Bal Work in Process Manufacturing Overhead 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 Froya Fabrikker A/S Schedule of Cost of Goods Manufactured Direct materials: S 42,000 260,000 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 302.000 Less: Ending raw materials inventory Materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory Less: Ending work in process inventory Cost of goods manufactured Transaction General Journal Debit Credit Froya Fabrikker A/S Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold 72,000 Froya Fabrikker A/S Income Statement For the Year Ended Direct materials Selling and administrative expenses