req 2 is the most important

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 $388,800 of manufacturing overhead for an estimated allocation base of 810 direct labor-hours. The following transactions took place during the year. a. Raw materials purchased on account, $295,000 b. Raw materials used in production (all direct materials). $280,000, c Utility bills incurred on account, $78,000 (95% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs Direct labor (890 hours) Indirect labor Selling and administrative salaries $325,000 $ 109,000 $ 205,000 e Maintenance costs incurred on account in the factory, $73,000 Advertising costs incurred on account, $155,000 9 Depreciation was recorded for the year. $91,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment) h. Rental cost incurred on account. S105.000 (85% related to factory facilities, and the remainder related to selling and administrative Manufacturing overhead cost was applied to jobs. $? Cost of goods manufactured for the year, $960,000 Sales for the year fall on account totaled $2,750,000. These goods cost $990,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Material Work in Process Finished Goods 349,000 340,000 579.000 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 4. 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 5. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4A Reg 40 Reg 5 . Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) ok Sales Accounts Receivable 49,000 Beg Bal Beg Bal End. Bal 49,000 End. Bal. Raw Materials Cost of Goods Sold Beg. Bal Beg Bal End. Bal End, Bal Work in Process Manufacturing Overhead Beg Bal Beg Bal End. Bal End. Bal Finished Goods Advertising Expense Beg Bal Beg Ba End Bal End, Bal Accumulated Depreciation Utilities Expense Beg Bal Beg Bal ME End. Bal. End. Bal Accumulated Depreciation Utilities Expenso Beg Bal Beg. Bal End. Bal End, Bal Accounts Payable Salaries Expense Beg Bal Beg. Bal End. Bal. End. Bal Depreciation Expense Salaries & Wages Payable Beg Bal Beg. Bal End. Bal End. Bal Rent Expense Beg Bal End. Bal 5 Raw Materials Work in Process Finished Goods $ 49,000 $ 40,000 579,000 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 eBook Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4A Req 48 Reg 5 Prepare a schedule of cost of goods manufactured. Froya Fabrikker A/S Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured 6 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. 48. Prepare a schedule of cost of goods sold 5. Prepare an income statement for the year. 3.71 points Complete this question by entering your answers in the tabs below. Book Reg 1 Req 2 Req3 Reg 4A Req 48 Reg 5 Prepare a journal entry to close any balance in the Manufacturing Overhead account to cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 6 J. Cost of goods manufactured for the year, 5960,000. k. Sales for the year (all on account) totaled $2,150,000. These goods cost $990,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: "1 nts Raw Materials Work in Process Finished Goods $ 49,000 $ 40,000 $ 79,000 eBook 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. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4A Reg 4B Req 5 Prepare a schedule of cost of goods sold. Froya Fabrikker A/S Schedule of Cost of Goods Sold Pinished Goods $ 79,000 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. 4. 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. Reg 1 Reg 2 Req3 Req 4A Req 40 Reg 5 Prepare an Income statement for the year. Froya Fabrikker A/S Income Statement For the Year Ended 0 Selling and administrative expenses 0 $ 0