mbprindex.html?con conexternal browser Olaunch ships%253A% Chapter 3 Graded Homework Swer Help S 1 Problem 3-15 (Algo) Journal Entries; T-Accounts; Financial Statements [LO3-1, LO3-2, LO3-3, LO3-4] 12 paints Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oll 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 $336,000 of manufacturing overhead for an estimated allocation base of 1,050 direct labor-hours. The following transactions took place during the year, BOOK References a. Raw materials purchased on account, $245,000 b. Raw materials used in production (all direct materials) $230,000. clity bills incurred on account, $68,000 (85% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs Direct Inbor (1.125 hours) Indirect labor telling and administrative salaries $ 275,000 $99.000 $ 155,000 e. Maintenance costs incurred on account in the factory, $63,000 1. Advertising costs incurred on account. $145,000. 9. Depreciation was recorded for the year. $81,000 (70% related to factory equipment, and the remainder related to selling and administrative equipment) Rental cost incurred on account, $106,000 75% related to factory facilites, and the remainder related to selling and administrative facilities) Manufacturing overhead cost was applied to jobs, 5 ? Cost of goods manufactured for the year. $860,000 Mis Prev 1 of 1 Hii Next GoGO CC 2011 ted to g. Depreciation was recorded for the year, $81,000 (70% related to factory equipment, and the remainder administrative equipment). h. Rental cost incurred on account, $106,000 (75% related to factory facilities, and the remainder related to selling and administrative facilities). 1. Manufacturing overhead cost was applied to jobs, $ ? J. Cost of goods manufactured for the year, $860,000 k Sales for the year (all on account) totaled $1,650,000. These goods cost $890,000 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 $ 39,000 $ 30,000 $ 69,000 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. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4A Reg 48 Reqs Prepare a schedule of cost of goods sold. Complete this question by entering your answers in the tabs below. 2 points Reg 2 Reg 1 Reg 3 Req 4A Reg 4B Reg 5 eBook Prepare a schedule of cost of goods sold. References Froya Fabrikker A/S Schedule of Cost of Goods Sold
