nment Print View Page 1 of Award: 5.00 points Froya Fabrikker AS of Bergen, Norwey is a wall company that manufactures specially 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 predetermined overhead rate was based on a cost formula that estimated $350.000 of manufacturing overhead for an estimated location base of 1,000 direct labor-hours. The following transactions took place during the year a Raw materials purchased on account, $250,000 b. Raw materials used in production (all direct materials) $235,000 U b is incurred on account 09.000 (0related to factory operations, and the remainder related to selling and administrative activities) d Accrued salary and wage costs $ 280 000 Odbor (1075 hours Indirect labor Seling and strative salaries Maintenance costs incurred on account in the factory, 554000 1. Advertising costs incurred on account. $140.000 9 Depreciation was recorded for the year, 582.000 (75% related to factory equipment, and the remainder related to selling and administrative equipment h Rental cost incurred on account $107.000 (80% related to factory facilities, and the remainder related to selling and administrative facilities) i Manufacturing overhead cost was applied to obs. 2 Cost of goods manufactured for the year, 5870,000 k Sales for the year all on account ed 1.700.000. These goods om 1900 000 according to the job cost sheets The balances in the inventory accounts at the beginning of the year were Raw Matera Work in Process Finished Goods $ 40000 $31.000 $ 70.000 Required: 1. Prepare journal entries to record the preceding transactions 2. Post your entries to accounts (Don't forget to enter the beginning inventory balances above.) 3. Prepare a schedule of cost of goods manufactured 4. Prepare a journey 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