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Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oll fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct lobor- hours. Its predetermined overhead rate was based on a cost formula that estimated $380,000 of manufacturing overhead for an estimated allocation base of 1,000 direct labor-hours. The following transactions took place during the year ed a. Raw materials purchased on account, $220,000, b. Raw materials used in production (all direct materials) $205,000, c. Ulty bills incurred on account, $63,000 (90% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs: Direct labor (1,075 hours) Indirect labor Selling and administrative salaries Int $ 250,000 $94.000 $ 130,000 encos e. Maintenance costs incurred on account in the factory, $58,000 Advertising costs incurred on account, $140,000 9. Depreciation was recorded for the year. $88,000 (85% related to factory equipment, and the remainder related to selling and administrative equipment) h. Rental cost incurred on account, $13,000 (90% related to factory facilities, and the remainder related to selling and administrative facilities) Manufacturing overhead cost was applied to jobs, $_? Cost of goods manufactured for the year, $810,000. k. Seles for the year (all on account) totaled $1400'000. These goods cost $840,000 according to their job cost sheets. The balances in the Inventory accounts at the beginning of the year were: Raw Materials $ 34,000 Work in Process 25,000 Finished Goods 5.64.000 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. AA PODATA A lournal entry to co ww halance in the Manufacturing Onthead renunt in Cost of Goods Sold YiDisnea voas $ 64, VUU 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. a Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4A Reg 48 Reg 5 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 Journal entry worksheet 2 6 7 8 ..... 12 The raw materials were purchased for use in production, $220,000 on account. Note: Enter debits before credits Transaction General Journal Debit Credit complete this question by entering your answers in the tads Del Reg 2 Req 3 Req 4A Reg 1 Req 48 Reg 5 Prepare journal entries to record the preceding transactions. (If no entry is required for a tra required in the first account field.) ed View transaction list x 1 The raw materials were purchased for use in production, $220,000 on account. 12 2 The raw materials used in production (all direct materials), $205,000. nces 3 The utility bills were incurred on account, $63,000 (90% related to factory operations, and the remainder related to selling and administrative activities). Credit 4 The salary and wage costs accrued were $250,000 (Direct labor), $94,000 (Indirect labor), $130,000 (Selling and administrative salaries). 5 The maintenance costs were incurred on account in the factory, $58,000. Note : Journal entry has been entered Record entry Clear entry View general Journal Reg 2 > Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/ required in the first account field.) View transaction list X 6 The advertising costs were incurred on account, $140,000. 12 7 The depreciation was recorded for the year, $88,000 (85% related to factory equipment, and the remainder related to selling and administrative equipment). 8 The entry for rental cost incurred on account on buildings, $113,000 (90% related to factory facilities, and the remainder related to selling and administrative facilities), Credit 9 The entry for manufacturing overhead cost applied to jobs. Note : journal entry has been entered Record entry Clear entry View general Journal Res 1 Reg 2 > View transaction list X ped 12 8 The entry for rental cost incurred on account on buildings, $113,000 (90% related to factory facilities, and the remainder related to selling and administrative facilities). ook rint 9 The entry for manufacturing overhead cost applied to jobs. 10 The cost of goods manufactured for the year $810,000. Credit rences 11 The sales for the year (all on account) totaled $1,400,000 12 The goods cost $840,000 according to their job cost sheets. Note: - joumal entry has been entered Record entry Clear entry Vlow general Journal R1 Req 2 > Req1 Reg 2 Reg 3 Reg 4A Req 48 Reg 5 ost your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Sales Debit Credit Credit bginning Balance Debit Beginning Balance nding Balance Ending Balance Raw Materials Cost of Goods Sold Credit Credit Debit eginning Balance Debit Beginning Balance Ending Balance Ending Balance Work in Process Credit Manufacturing Overhead Debit Beginning Balance Debit Beginning Balance Credit Ending Balance Ending Balance Finished Goods Advertising Expense Debit Credit Debit Credit Finished Goods Advertising Expense Credit Dobit Credit Debit nning Balance Beginning Balance Ending Balance Ing Balance Utilities Expand Accumulated Depreciation Debit Binning Balance Credit Debit Credit Beginning Balance Ling Balance Ending Balance Accounts Payable Salaries Expense Credit Debit ginning Balance Credit Debit Beginning Balance Ending Balance hding Balance Depreciation Expense Credit Salaries & Woges Payable Debit Beginning Balance Debit eginning Balance Credit Accounts Payable Salaries Expanse Credit Debil Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Depreciation Expense Credit Debit Beginning Balance Salaries & Wages Payable Debit Beginning Balance Credit Ending Balance Ending Balance Rent Expense Credit Debit Beginning Balance Ending Balance Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4A Reg 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 Reg 1 Reg 2 Reg 3 Req 4A Req 48 Reg 5 Prepare a foumal entry to dose any balance in the Manufacturing Overhead account to cost of Goods Sold. (If no entry is regul transaction/event, select "No joumal entry required in the first account Meld.) View transaction list Journal entry worksheet Record the entry to close any balance in the manufacturing overhead account to cost of goods sold Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal