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Problem 3-15 (Algo) Journal Entries; T-Accounts; Financial Statements [LO3-1, LO3-2, LO3-3, LO3-4] 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 manufacturing overhead cost to jobs on the basis of direct laborhours, its predetermined overhead rate was based on a cost formula that estimated $370,500 of manufacturing overhead for an estimated allocation base of 950 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $270,000. b. Raw materials used in production (all direct materials). $255,000. c. Utility bills incurred on account. $73,000 ( 90% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: e. Maintenance costs incurred on account in the factory, $68,000 t. Advertising costs incurred on account, $150,000. 9. Depreciation was recorded for the year, $86,000 (75\% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $111,000(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, $910,000. k. Sales for the year (all on account) totaled $1,900,000. These goods cost $940,000 according to their job cost sheets. a. Raw materials purchased on account, $270,000. b. Raw materials used in production (all direct materials), $255,000. c. Utility bills incurred on account, $73,000(90% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: e. Maintenance costs incurred on account in the factory, $68.000 1. Advertising costs incurred on account, $150,000. 9. Depreciation was recorded for the year, $86,000 (75\% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $111,000(80% related to factory facilities, and the remainder related to selling and administrative facilities). 1. Manufacturing overhead cost was applied to jobs, $ ? 1. Cost of goods manufactured for the year, $910,000. k Sales for the year (all on account) totaled $1,900,000. These goods cost $940,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: 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. \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{ Advertising Expenso } \\ \hline Beginning Balance & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Accumulated Deprociation } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Utillties Expense } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Accounts Payable } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Salaries Expense } \\ \hline Beginning Balance & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}