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Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea of 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 $399,000 of manufacturing overhead for an estimated allocation base of 1,050 direct labor-hours. The following transactions took place during the year a. Raw materials purchased on account, $280,000. b. Raw materials used in production (all direct materials). $265.000 c. Utility bills incurred on account, $75.000 (80% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs: Direct labor (1,100 hours) Indirect labor Selling and administrative salaries $ 310,000 $ 100,000 $ 199,000 e. Maintenance costs incurred on account in the factory, $70,000 f. Advertising costs incurred on account. $152,000 9. Depreciation was recorded for the year. $88.000 (85% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account. $113,000 (90% related to factory facilities, and the remainder related to selling and administrative facilities). Manufacturing overhead cost was applied to jobs. S J. Cost of goods manufactured for the year. $930,000, K Sales for the year (all on account totaled $2,000,000. These goods cost $960,000 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 $ 46,000 $ 37,000 $ 76,00 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 4B. 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 3 Req 4A Req 48 Reg 5 Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No journal required in the first account field.) View transaction list chant Journal entry worksheet I m 2 3 4 5 6 7 8 ..... 12 The raw materials were purchased for use in production, $280,000 on account. Note: Enter debits before credits. General Journal Debit. Transaction Credit View general joma Clear entry Record entry Reg 2 > Homework Journal entry worksheet 3 4 5 6 7 8 ..... 12 The raw materials used in production (all direct materials), $265,000. bok Note: Enter debits before credits. ences Transaction General Journal Debit Credit View general journal Record entry Clear entry Reg 2 > Journal entry worksheet The salary and wage costs accrued were $310,000 (Direct labor), $106,000 (Indirect labor), $190,000 (Selling and administrative salaries). Note: Enter debits before credits. Transaction General Joumal Debit Credit Record SH View general jouma Journal entry worksheet ework 0 Journal entry worksheet The entry for rental cost incurred on account on buildings, $113,000 (90% related to factory facilities, and the remainder related to selling and administrative facilities). Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Clear entry Record entry Journal entry worksheet Req1Reg2Req31 Req 4A Req 18 Reqs Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (if no entry transaction/event, select "No journal entry required in the first account field.) View transaction list Joumal entry worksheet Book Record the entry to close any balance in the manufacturing overhead account to cost of goods sold. rences Note: Enter debits before credits. re credits. Transaction General Journal Debit Credit View general journal Record entry Clear entry Peu de 4B. 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. Req 1 Req 2 I Req3 Req 4A Reg 4B Reg 4B Reqs Prepare a schedule of cost of goods sold. Froya Fabrikker A/S Schedule of Cost of Goods Sold Reg 5 >