Need help with requirement 1. I attached the transaction list. Thank you in advance.

6 5 pints 02.54.00 eBook Check my work 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 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) $ 260,000 Indirect labor $ 96,000 Selling and administrative salar alaries $ 140,000 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). 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). i. Manufacturing overhead cost was applied to jobs, $?. J. 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 $ 27,000 Work in Process Finished Goods $ 66,000 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. 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. 1 The raw materials were purchased for use in production, $230,000 on account. 2 The raw materials used in production (all direct materials), $215,000. 3 The utility bills were incurred on account, $65,000 (85% related to factory operations, and the remainder related to selling and administrative activities). 4 The salary and wage costs accrued were $260,000 (Direct labor), $96,000 (Indirect labor), $140,000 (Selling and administrative salaries). 5 The maintenance costs were incurred on account in the fantai. +60 000 EX: 5 The maintenance costs were incurred on account in the factory, $60,000. 6 The advertising costs were incurred on account, $142,000. 7 The depreciation was recorded for the year, $90,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment). 8 The entry for rental cost incurred on account on buildings, $115,000 (80% related to factory facilities, and the remainder related to selling and administrative facilities). 8 The entry for rental cost incurred on account on buildings, $115,000 (80% related to factory facilities, and the remainder related to selling and administrative facilities). 9 The entry for manufacturing overhead cost applied to jobs. 10 The cost of goods manufactured for the year, $830,000. 11 The sales for the year (all on account) totaled $1,500,000. 12 The goods cost $860,000 according to their job cost sheets