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Froya Fabrikker A/S of Bergen, Nonvay, 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 $395,600 of manufacturing overhead for an estimated allocation base of 920 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $290,000. $275,000. b. Raw materials used in production (all direct % related to factory operatid c. Utility bills d. Accrued salary and wage costs: Directlabor(970hours)IndirectlaborSellingandadministrativesalaries$320,000$108,000$200,000 e. Maintenance costs incurred on account in the factory, $72,000 f. Advertising costs incurred on account, $154,000. g. Depreciation was recorded for the year, $90,000 administrative equipment). facilities). cost was applied to jobs, \$ ? k. Sales for the year (all on account) totaled $2,100,000. These The balances in the inventory accounts at the beginning of the year were: RawMaterialsWorkinProcessFinishedGoods$48,000$39,000$78,000 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. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet The raw materials were purchased for use in production, $290,000 on account. Note: Enter debits before credits. Froya Fabrikker A/S of Bergen, Nonvay, 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 $395,600 of manufacturing overhead for an estimated allocation base of 920 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $290,000. $275,000. b. Raw materials used in production (all direct % related to factory operatid c. Utility bills d. Accrued salary and wage costs: Directlabor(970hours)IndirectlaborSellingandadministrativesalaries$320,000$108,000$200,000 e. Maintenance costs incurred on account in the factory, $72,000 f. Advertising costs incurred on account, $154,000. g. Depreciation was recorded for the year, $90,000 administrative equipment). facilities). cost was applied to jobs, \$ ? k. Sales for the year (all on account) totaled $2,100,000. These The balances in the inventory accounts at the beginning of the year were: RawMaterialsWorkinProcessFinishedGoods$48,000$39,000$78,000 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. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet The raw materials were purchased for use in production, $290,000 on account. Note: Enter debits before credits