The beginning balances in the inventory accounts 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 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. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold. Froya Fabrikker A/S of Bergen, Norway, manufactures specialty heavy equipment for use in North Sea oll fields. The comiparny 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 materials purchased on account, $255,000. b. Raw materials used in production (all direct materials), $240,000. c. Utility bilis 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: e. Maintenance costs incurred on account in the factory, $65.000 f. Advertising costs incurred on account, $147,000. g. Depreciation recorded for the year. $83,000(80% related to factory equipment, and the remainder related to seling and administrative equipment). h. Rental cost incurred on account, $108,000 (85\% related to factory facilities, and the remainder related to selling and administrative facilities). 1. Manufacturing overhead cost applied to jobs.\$? 1. Cost of goods manufactured, $880,000. k. Sales for the year (all on account) totaled $1,750,000. These goods cost $910,000 accoiding to their job cost sheets. 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. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold