Please complete requirments 1-5

Froya Fabrikker AS of Bergen. Norway, Is a small company that manufactures specialty heavy equipment for use in North Sea oll fieids. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct laborhours. its predetermined overhead rate was based on a cost formula that estimated $373,700 of manufacturing overhead for an estimated allocation base of 1,010 direct labor-hours. The foliowng transactions took place during the year: a. Raw materlals purchased on account, $255.000. b. Raw materlais used in production (all direct materials). $240.000. c. Utility bilis incurred on account, $70.000 (95\% related to factory operations, and the remainder related to seling and administrative activites). d. Accrued salary and wage costs: e. Maintenance costs incurred on account in the factory. $65.000 1. Advertsing costs incurred on account, $147,000. 9. Depreciation was recorded for the year. $83,000 (80\% related to factory equipment, and the remainder related to selling and administrative equipment. h. Rental cost incurred on account, $108.000185% related to factory facilites, and the remainder related to seling and administrative facilites). 1. Manufacturing overhead cost was applied to jobs, \$ ? 1. Cost of goods manufactured for the year, $880.000. k. Sales for the year (all on account) totaled $1750,000. These goods cost $910,000 according to their job cost sheets The balances in the inventory accounts at the beginning of the year were: Required: 1. Prepare joumal entnes to record the preceding transactions. 2 Post your entrles 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 Coodis Sold. 4B. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year