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Problem 3-15 (Algo) Journal Entries; T-Accounts; Financial Statements (L03-1, LO3-2, LO3-3, L03-4) Froya Fabrikker A/S of Bergen, Norway, 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 labor- hours. Its predetermined overhead rate was based on a cost formula that estimated $349,800 of manufacturing overhead for an estimated allocation base of 1,060 direct labor-hours. The following transactions took place during the year. a. Raw materials purchased on account, $230,000 b. Raw materials used in production (all direct materials) $215.000. c Utility bills incurred on account. $65,000 (85% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs Direct labor (1,135 hours) Indirect labor Selling and administrative salaries $ 260, eee $ 96,000 $ 140,00 e. Maintenance costs incurred on account in the factory, $60,000 f. Advertising costs incurred on account. $142,000. g. Depreciation was recorded for the year. $90,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $115,000 (80% related to factory facilities, and the remainder related to selling and administrative facilities). Manufacturing overhead cost was applied to jobs, $_? 1. Cost of goods manufactured for the year, $830,000 k. Sales for the year (all on account) totaled $1,500,000. These goods cost $860,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials $ 36,000 Work in Process $ 27,000 Finished Goods $ 66, eee 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