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Froya Fabrikker AJS 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 $336,000 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, $245,000. b. Raw materials used in production (all direct materials), $230,000 c. Utility bilis incurred on account, $68,000 ( 85% 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, $63,000 f Advertising costs incurred on account, $145,000 9. Depreciation was recorded for the year, $81,000 (70\% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $106,000 (75\% reloted to factory focilities, and the remainder related to solling and administrative. facilities). L. Manufacturing overhead cost was applied to jobs, $ ? 1. Cost of goods manufactured for the year, $860,000 k. Sales for the year (all on account) totaled $1,650,000. These goods cost $890,000 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: he balances in the inventory accounts at the beginning of the year were: Required: 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. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Payable Salaries Expense Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured. Journal entry worksheet Record the entry to close any balance in the manufacturing overhead account to cost of goods sold. Note: Enter debits before credits. Prepare a schedule of cost of goods sold. Prepare an income statement for the year