please help! with Req 2

Problem 3-15 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 labor- hours. Its predetermined overhead rate was based on a cost formula that estimated $360,000 of manufacturing overhead for an estimated allocation base of 900 direct labor-hours. The following transactions took place during the year. a. Raw materials purchased on account, $200,000. b. Raw materials used in production (all direct materials) $185,000. c. Utility bills incurred on account, $70,000 (90% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: Direct labor (975 hours) Indirect labor Selling and administrative salaries $ 230,000 $ 90,000 $ 110,000 e. Maintenance costs incurred on account in the factory, $54,000. f. Advertising costs incurred on account, $136,000. 9. Depreciation was recorded for the year. $95,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $120,000 (85% related to factory facilities, and the remainder related to selling and administrative facilities). 1. Manufacturing overhead cost was applied to jobs, $ ? J. Cost of goods manufactured for the year, $770,000, k. Sales for the year (all on account) totaled $1.200,000. These goods cost $800.000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Prev 1 of 1 Next e. Maintenance costs incurred on account in the factory, $54,000. f. Advertising costs incurred on account, $136,000. 9. Depreciation was recorded for the year, $95,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $120,000 (85% related to factory facilities, and the remainder related to selling and administra facilities). 1. Manufacturing overhead cost was applied to jobs, $ ? J. Cost of goods manufactured for the year, $770,000. k. Sales for the year (all on account) totaled $1,200,000. These goods cost $800,000 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 $ 30,000 $ 21,000 $ 60,000 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4A Req 48 Reg 5 Prey 1 of 1 !!! Ne Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Sales Accounts Receivable 1,200,000 Beg. Bal. Beg Ball 1,200,000 End. Bal. 1,200,000 End. Bal. 1,200,000 Raw Materials 30,000 185,000 200,000 Cost of Goods Sold 800,000 Beg. Bal Beg. Bal. End. Bal. 800,000 End. Bal 45,000 Bog. Bal. Bog. Bal. Work in Process 21,000 185,000 770,000 230,000 390,000 Manufacturing Overhead $ 630,000 $ 350,000 95,000 54,000 76,000 302,000 End. Bal. 56,000 End. Bal. $ 807,000 Finished Goods 60,000 770,000 800,000 Advertising Expense 138.000 Beg. Sal. Beg. Bal Prey 1 of 1 Finished Goods 60,000 770,000 800,000 Advertising Expense 138,000 Beg Bal Beg Bal End. Bal 138,000 End. Bal. 30,000 Accumulated Depreciation 95,000 Utilities Expense 7,000 Beg. Bal Beg. Bal. End. Bal. 95,000 End. Bal. 7,000 Salaries Expense Beg. Bal Bog. Bal. Accounts Payable 200,000 70,000 54,000 135,000 130,000 120.000 120,000 End. Bal. End, Bal 589,000 Beg Ball Depreciation Expense 19,000 19,000 Beg Ball Salaries & Wages Payable 430,000 430,000 Prey 1 of 1 Beg Bal Depreciation Expense 19,000 19,000 Beg Bal Salaries & Wages Payable 430,000 430,000 End. Bal 38,000 End. Bal 860,000 Beg. Bal. Rent Expenso 18,000 18,000 End. Bal. 36,000