Please make sure everyrhing is answered from the required secrion from 1-5

please make sure everything is answered in the required section from 1-5

Froya Fabriker AS 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 lobor hours. Its predetermined overhead rate was based on a cost formula that estimated $350,000 of manufacturing overhead for an estimated alocation base of 1000 direct labor hours. The following transactions took place during the year Row materials purchased on account, $250,000 b. Raw materials used in production (all direct materials $235.000 Utility bills incurred on account. $69.000 190 related to factory operations, and the reminder related to selling and administrative activities d. Accrued lary and wage co Direct labor (1,7) Indirector Se distrative salaris 1120.00 118. . Maintenance costs incurred on account in the factory, 564.000 Advertising costs incurred on account. $146.000 Depreciation was recorded for the year, 582000.75 led to factory oument, and the reminder related to selling and naministrative equipment h Rental cost incurred on account 5107000 (80%ted to factory faces and the remainder sted to selling and administrative facilities Manufacturing overhead cost was applied to jobs. _ Cost of goods manufactured for the yen 5870,000 Sales for the year all on account totaled $100.000. These goods cost $900.000 according to their job.com the The balances in the inventory accounts at the beginning of the year were wers in het ood 40.000 1. . Required: Prepare journal entries to record the preceding transactions 2. Post your entries to accounts. Don't forget to enter the beginning inventory balances above 2. Prepare a schedule of cost of goods manufactured 4A Prepare a journal entry to close any balance in the Manufacturing Owend account to conto cos Sold 40. Prepare a schedule of cost of goods sold 5. Prepare an income statement for the year Complete the ston by entering your answers in the the below code Journal entry worksheet 2 2 57 1. 12 Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North See oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct lobor- hours. Its predetermined overhead rate was based on a cost formula that estimated $350,000 of manufacturing overhead for on estimated allocation base of 1000 direct labor-hours. The following transactions took place during the year. a. Raw materials purchased on account, $250.000 b. Raw materials used in production (all direct materials) $235,000. c Utility bills incurred on account. $69.000 (90% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs: Direct labor (1,75 hours) Indirect labor Selling and adeinistrative salaries $ 250.000 $100,000 $ 168.000 e Maintenance costs incurred on account in the factory, 564,000 Advertising costs incurred on account, $146,000. 9 Depreciation was recorded for the year. $82,000 (75% related to factory equipment and the remainder related to selling and h. Rental cost incurred on account, $107000 (B0% related to factory facilities, and the remainder related to selling and administrative facilities) 1. Manufacturing overhead cost was applied to jobs. $? Cost of goods manufactured for the year 5870,000 k. Sales for the year (all on account) totaled $100.000 These goods cost $900.000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials work Process Finished Goods $ 40,000 $11,000 $70,00 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