Problem $3-15($Algo$)$ Journal Entries; T$-$Accounts; Financial Statements $[$LO$3-1,$ LO$3-2,$ LO$3-3,$ LO$3-4]$

Froya Fabrikker A$/$S of Bergen, Norway, manufactures speclalty heavy equipment for use In North Sea oll fields. The company uses a job$-$order costing system that applies manufacturing overhead cost to jobs based on direct labor$-$hours. Its predetermined overhead rate was based on a cost formula that estimated $$373,700$ of manufacturing overhead for an estimated allocation base of $1,010$ direct labor$-$hours. The following transactions occurred during the year:

a$.$ Raw materlals purchased on account, $$255,000.$

b$.$ Raw materlals used in production $($all direct materials$),$ $$240,000.$

c$.$ Utility bills Incurred on account, $$70,000(95\%$ related to factory operations, and the remainder related to selling and administrative activities$).$

d$.$ Accrued salary and wage costs:

$\backslash$table$[[$Direct labor $(1,085$ hours