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Check my 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 manufactturing overhead cost to jobs on the basis of 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 940 direct labor-hours. The following transactions took place during the year: 5 polnts a. Raw materlals purchased on account, $205,000 b. Raw materals used in production (all direct materlals), $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: euook Print $235,000 91,000 $115,000 Direct labor (1,015 hours) Indirect labor Selling and administrative salaries Referoncas e. Maintenance costs incurred on account in the factory, $55,000 Deprocis od for th o00 (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). . Manufacturing overhead cost was applied to jobs, $_? J. Cost of goods manufactured for the year, $780,000 k. Sales for the year (all on account) totaled $1,250,000. These goods cost $810,000 according to thelr job cost sheets. year The balances in the inventory accounts at the beginning of the year were: Raw Materials $31,000 $22,000 $61,000 Work in Process Finished Goods then , and drag to the Favorites Bar folder. Or import from another browser. Import favorites orites here, select Ch 3 Homework i Seved Help Save & Exit Su Check my w 4 . Prepare lournal entrles to record the preceding transactions 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) 3. Prepare 4A. Prepare a journal entry to close any balance 4B. Prepare a schedule of cost 5. Prepare an income statement for the year schedule of cost of goods manufactured. the Manufacturing Overhead account to Cost of Goods Sold 5 goods sold. polnts Complete this question by entering your answers in the tabs below. Bock Req 5 Req 1 Req 2 Req 4B Req 3 Req 4A Print he preceding transactions. (If no entry is required for a transaction/event, select "No journal entry roguired" in the first account field.) Referencos View transaction list Journal entry worksheet 2 3 4. 6 8 12 The raw materials were purchased for use in production, $205,000 on account. Note: Enter debits before credits. General Joumal Transaction Debit Credit a
