Froya Fabrikker A/S of Bergen, Norway, manufactures speclalty heavy equipment for use in North Sea oll fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs based on direct labor-hours. Its predetermined overhead rate was based on a cost formula that estimated $336,000 of manufacturing overhead for an estimated allocation base of 1,050 direct labor-hours. The following transactions occurred during the year. a. Raw materlals purchased on account, $245,000. b. Raw materlals used in production (all direct materlals), $230,000. c. Utility bills incurred on account, $68,000 (85\% related to factory operations, and the remainder related to selling and administratlve activities). d. Accrued salary and wage costs: e. Malntenance costs incurred on account in the factory, $63,000 f. Advertising costs incurred on account, $145,000 9. Depreclation recorded for the year, $81,000 (70\% related to factory equipment, and the remalnder related to selling and administrative equipment). h. Rental cost Incurred on account, $106,000175% related to factory faclitles, and the remainder related to selling and administrative factiltes). L Manufacturing overhead cost applied to jobs, $ ? ? 1. Cost of goods manufactured, $860,000. k Sales for the year (all on account) totaled $1,650,000. These goods cost $890,000 according to theirjob cost sheets. The beginning balances in the inventory accounts were: Required: 1. Prepare joumal entries to record the preceding transactions. 2 Postyour 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. Prepare a schedule of cost of goods manufactured. repare a journal entry to dose any balance in the Manufacturing Overhead account to Cost of Goods Sold. lotes: If no entry is required for a transaction/event, select "No journal entry required" in the first account field, Journal entry worksheet Record the entry to dose any balance in the manufacturing overhead account to cost of goods sold. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold. Prepare an income statement