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 compony that manufactures specialty heavy equipment for use in North Sea ofl fields. The company uses a job-order costing system that applies manufacturing overbead cost to jobs on the basls of direct laborhours. its predetermined overhead rate was based on a cost formula that estimated $329,000 of manufacturing overhead for an estmated a ocation base of 940 direct labor-hours. The following transactions took ploce during the year. a, Raw materlals purchased on account, $205,000. b. Raw materials used in production (all direct maternals), $190,000 c Utility bilis incurred on account, $60,000 ( 90% related to factory operations, and the remainder related to selling and administrative activituest. d. Accrued salary and wage costs: e Maintenance costs incurred on account in the factory, $55,000 t Advertising costs incurred on account, $137,000. g. Depreclavion was recorded for the year, $85,000 (70\%, related to foctory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $110,00075% related to factory fachibes, and the remainder related to seling and administrative facilities). 1. Manufacturing overhead cost was appled to jobs, $ ? ? I Cost of goods monufactured for the year, $780,000. k Sales for the year (all on account) totaled $1,250,000. These goods cost $810,000 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 obove] 3. Prepare a schedule of cost of goods manufactured. 4A Prepare a joumal entry to close any balance in the Monufacturing Overhead accoint 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. Prepare journal entries to record the preceding transactions. (If fo ontry is fogured for a transactionlevent. select "Wo jeurnel entry required in the first account fiold