Question: please help asap everything is correct except these pls fix this too. Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures speciaity








Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures speciaity heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overnead cost to jobs on the basis of direct labor-hours. its predetermined overhead rate was based on a cost formula that estimated $374,000 of manufacturing overhead for an estimated allocation base of 1,100 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $235,000. b. Raw materials used in production (all direct materials), $220,000. c. Utility bills incurred on account, $66,000(90% 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, $61,000 f. Advertising costs incurred on account, $143,000. g. Depreciation was recorded for the year, $91,000(80% related to factory equipment; and the remainder related to selling and administrative equipment): h. Rental cost incurred on account, $116,000(85% related to factory facillies, and the remainder related to selling and administrative facilities). 1. Manufacturing overhead cost was applied to jobs, $ ? j. Cost of goods manufactured for the year, $840,000. k. Sales for the year (all on account) totaled $1,550,000. These goods cost $870,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Required: 1. Prepare joumal 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 soid. 5. Prepare an income statement for the year. \begin{tabular}{l} \hline Beginning Balan Balance \\ \hline Ending Beq 1 \\ \hline \end{tabular} mplete this question by entering your answers in the tabs below. pare a schedule of cost of goods manufactured. mplete this question by entering your answers in the tabs below. are a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (if no e saction/event, select "No journal entry required" in the first account field.) pare a schedule of cost of goods sold. mplete this question by entering your answers in the tabs below. pare an income statement for the year. iond" in the first accoust lield. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured
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