Question: Please help me with my wrong answer Froya Fabrikiker A.S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in

Please help me with my wrong answer
Please help me with my wrong answer Froya Fabrikiker A.S of Bergen,
Norway, is a small company that manufactures specialty heavy equipment for use
in North Sea oil fuelds. The company uses a job-order costing system
that applies manufacturing overhead cost to jobs on the basis of direct
laborhours. Its predetermined overhead rate was based on a cost formula that

Froya Fabrikiker A.S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fuelds. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct laborhours. Its predetermined overhead rate was based on a cost formula that estimated $360.000 of manufacturing overhead for an estimated allocation base of 900 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $200.000. b. Raw materials used in production (all direct materiais). $185,000 c. Utility bills incurred on account, $70.000 (90\% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: e. Maintenance costs incurfed on account in the factory. $54,000. f. Advertising costs incurfed on account, \$136.000. 9. Depreciation was recorded for the year. $95,000 po\% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $120.000 (85\% related to factory facilities, and the remainder related to seliing and administrative facilities) i. Manufacturing overhead cost was applied to jobs, $ ? j. Cost of goods manufactured for the year, $770.000 K. Sales for the year fall on account) totaied $1.200,000. These goods cost $800,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: 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.) 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. X Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold. epare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (If no entr) quired for a transaction/event, select "No journal entry required" in the first account field.) Prepare an income statement for the year

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