Question: please solve, will leave a upvote 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
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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 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 $350,000 of manufacturing overhead for an estimated allocation base of 1,000 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $250,000. b. Raw materials used in production (all direct materials), $235,000. c. Utility bills incurred on account, $69,000 (90% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: Direct labor (1,075 hours) $ 280,000 Indirect labor $100,000 Selling and administrative salaries $ 160,000 e. Maintenance costs incurred on account in the factory, $64,000 f. Advertising costs incurred on account, $146.000. 9. Depreciation was recorded for the year, $82,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $107,000 (80% related to factory facilities, and the remainder related to selling and administrative facilities). L. Manufacturing overhead cost was applied to jobs, $? Cost of goods manufactured for the year, $870,000. k. Sales for the year (all on account) totaled $1,700,000. These goods cost $900,000 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 $ 40,000 $ 31,000 $70,000 Req 1 Req 2 Req 3 Req 4A Req 48 Req 5 Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/event, selec required" in the first account field.) View transaction list Journal entry worksheet The raw materials were purchased for use in production, $250,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Clear entry View general journal Record entry Req 1 Reg 2 Req 3 Req 4A Req 48 Req 5 Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) Accounts Receivable Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Raw Materials Beginning Balance Beginning Balance Ending Balance Ending Balance Work in Process Beginning Balance Beginning Balance Ending Balance Debit Debil Credit Credit Debit Debit Sales Cost of Goods Sold Manufacturing Overhead i Credit Credit Credit ht Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Req 4B Req 5 Prepare a schedule of cost of goods manufactured. Froya Fabrikker A/S Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Req 1 Req 2 Req 3 Req 4A Req 4B Req 5 Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the entry to close any balance in the manufacturing overhead account to cost of goods sold. Note: Enter debits before credits. General Journal Transaction 1. Debit Credit Clear entry View general Journal Record entry nt Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Req 4B Req 5 Prepare a schedule of cost of goods sold. Froya Fabrikker A/S Schedule of Cost of Goods Sold Req 1 Req 2 Req 3 Prepare an income statement for the year. Froya Fabrikker A/S Income Statement For the Year Ended Selling and administrative expenses: Req 4A
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