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Problem 3-15 (Algo) Journal Entries; T-Accounts; Financial Statements [LO3-1, LO3-2, LO3-3, LO3-4) 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 $382,500 of manufacturing overhead for an estimated allocation base of 850 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $300,000 b. Raw materials used in production (all direct materials). $285,000. c. Utility bills incurred on account, $79,000 (80% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs: es Direct labor (950 hours) Indirect labor Selling and administrative salaries $ 330,000 $ 110,000 $ 210,000 e Maintenance costs incurred on account in the factory, $74,000 Advertising costs incurred on account, $156,000. 9. Depreciation was recorded for the year. $92,000 (80% related to factory equipment, and the remainder related to seling and administrative equipment). h. Rental cost incurred on account, $117.000 (85% related to factory facilities, and the remainder related to selling and administrative facilities) 1. Manufacturing overhead cost was applied to jobs, $ ? 1. Cost of goods manufactured for the year. $970,000 k. Sales for the year (all on account) totaled $2,200,000. These goods cost $1,000,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods $50,000 $41,000 $80,000 The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods $50,000 $ 41,000 $ 80,000 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. 48. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year. 5 Complete this question by entering your answers in the tabs below. SOL Reg 1 Req 2 Req3 Req 4A Req 4B Reg 5 Reg 1 Reg 2 Req3 Reg 4 Reg 48 Reqs Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Sales Beg Bal Beg Bal End. Bal End. Bal Raw Materials Cost of Goods Sold Beg Bal Beg Bal a End. Bal End. Bal. Work in Process Manufacturing Overhead Beg Bal 1b d Beg Bal c End Bal End Bal Finished Goods Advertising Expense Beg Bal Beg B End. Bal End Bal Accumulated Depreciation Us Expense