The balances in the inventory accounts at the beginning of the year were 35,000 $ 26,000 $65,000 Raw Materials Work in Process Finished Goods 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. Req 3 Req 5 Req 2 Req 1 Req 4A Req 4B 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.) Req 3 Req 5 Req 2 Req 1 Req 4A Req 4B 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.) View transaction list View journal entry worksheet Debit Credit No Transaction General Journal Accounts payable 225,000 a. b. 225,000 Raw materials Salaries and wages payable Manufacturing overhead Req 2 > Req Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Sales Beg. Bal Beg. Bal End. Bal 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 Salaries &Wages Payable Depreciation Expense Beg. Bal Beg. Bal End. Bal End. Bal Rent Expense Beg. Bal. End. Bal Req1 Req 3 Froya Fabrikker A/S Income Statement For the Year Ended Selling and administrative expenses Req 4B Req 5 The balances in the inventory accounts at the beginning of the year were 35,000 $ 26,000 $65,000 Raw Materials Work in Process Finished Goods 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. Req 3 Req 5 Req 2 Req 1 Req 4A Req 4B 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.) Req 3 Req 5 Req 2 Req 1 Req 4A Req 4B 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.) View transaction list View journal entry worksheet Debit Credit No Transaction General Journal Accounts payable 225,000 a. b. 225,000 Raw materials Salaries and wages payable Manufacturing overhead Req 2 > Req Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Sales Beg. Bal Beg. Bal End. Bal 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 Salaries &Wages Payable Depreciation Expense Beg. Bal Beg. Bal End. Bal End. Bal Rent Expense Beg. Bal. End. Bal Req1 Req 3 Froya Fabrikker A/S Income Statement For the Year Ended Selling and administrative expenses Req 4B Req 5