Need help with the questions that are wrong please. and thank you
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 $349,800 of manufacturing overhead for an estimated allocation base of 1,060 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $230,000. b. Raw materials used in production (all direct materials). $215,000. c. Utility bills incurred on account. $65.000 (85% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: Direct labor (1,135 hours) Indirect labor Selling and administrative salaries $260,000 $ 96,000 $140,000 e. Maintenance costs incurred on account in the factory. $60.000 f. Advertising costs incurred on account. $142,000. g. Depreciation was recorded for the year. $90,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account. $115.000 (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, $830,000. k. Sales for the year (all on account) totaled $1.500,000. These goods cost $860,000 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 $36,000 $27,000 $66,000 Required: 1. Prepare Journal entries to record the preceding transactions. 2. Post your entries to 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. Prepare journal entries to record the preceding transactions. (no entry is required for a transaction/event, select try red in the first counted) your General Jours DD Creat A s payable 230.000 215,000 in process Raws 216.000 o Manufacturing overhead Jurities expense Accounts payable 9.750 65,000 Work in pross Manufacturing overhead |sarasagar Salaries and wages payable 280,000 95,000 140,000 490,000 50,000 Manufacturing overhead Accounts payable 10,000 142,000 Advertising expense Accounts payable 142.000 Mansacturing overhead Deprecationen Accumulated depreciation 7,500 22,500 90,000 Manufacturing overhead 23,000 Accounts payable oooooooooooooo 115.000 374.590 Work in POS Manufacturing read 374.500 F 830.000 ed goods Work in process 830.000 1.500.000 1.500.000 250.000 Cast of goods sold Frihed ads 0.000 og 2 > Post your entries to accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable meg But 1900 1000 End 100000 1.500.000 Row Materials Cost of Goods 23000 215.00 0000 2000 50.000 Berufaturing Over 27 01 218. 00 0 200 000 .000 5.2001 95.000 80,000 67.900 $12.000 End 46.550 Advertising Expense Finished Goods 000 0.000 .000 142.000 142.000 End. Hal 36,000 Accumulated Daprobation yttes Expense S0000 9701 1 9 .750 Accounts Payable Salaries Expence 0.0001 230,000 a Elc 140.000 1000 115.000N 12.000 Deproton Expense 22.500 Depreciation Expence Balaries Wages Payable Begal 22.00 495.000 la End Fall 22.500 Ron Expanse Regal 22.000 End Bal 20.000 Prepare a schedule of cost of goods manufactured Froya Fabriker AB Bhedule of Oost of Good Manufatured Direct mails Begingo y s Adi Pucherweils 220.000 Total raw material valable 250.000 Less Ending www materiais entry 1. Materials used in production Director Manufacturing overad applied to work in Total manufacturing costs Adu Beginning work in process invertory 215.000 200,000 74.560 349.00 27,000 7,550 46. 830,000 r y Less Ending work in process ir Cost of goods manufactured S Complete this question by entering your answers in the tabs below. R4 Reqs Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cast of Goods Sold. (If no entry is required for a transactoryevent, select No journal entry required in the first account rod.) Ne Transmolian General Journal Credit | Mansacturing overhead Coat of goods sold O Debit 3,000 3.800 Complete this question by entering your answers in the tabs below. Req3 Re4A huge Reg Prepare a schedule of cost of goods sold. Freya Fabrika lahedule of Cost of Goods Bold Baging frihed goodsitory S 66000 Add Cost of goods manufactured Ben. Cost of goods available for a 26.000 Less Ending finished goods wertory 36.000 Ungdut of good 0.0003 Less: Orapped overed 3.900 Add ol of goods sold Us 86 2003 (R4A Reg6 > Complete this question by entering your answers in the tabs below. Prepare an income statement for the year Froya Febre AB Income Ditement For the Year Ended od Doctors Seling and live U s expense Advertising experts 0.750 142.000 GOS 140,000 Deprecatione Rent expense 21.000 Nel pering income (Rag
