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LOOR I S A Merchandiser That Provided The Che Luxtor map Prescot AL Graded Homework saved Help Save Problem 3-15 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 $349,800 of manufacturing overhead for an estimated allocation base of 1,060 direct labor-hours. The following transactions took place during the year. a. Raw materials purchased on account, $230,000 b. Raw materials used in production (all direct materials). $215,000. c. Utility bills incurred on account. $65.000 (85% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: Direct labor (1,135 hours) Indirect labor Selling and administrative salaries $ 260,000 $ 96,000 $ 140,000 e. Maintenance costs incurred on account in the factory. $60,000 f. Advertising costs incurred on account. $142.000. a. Depreciation was recorded for the year, $90,000 (75% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $115.000 (80% related to factory facilities, 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, $830,000. k. Sales for the year (all on account) totaled $1,500,000. These goods cost $860,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: apter 3 Graded Homework Saved Help Raw Materials Work in Process Finished Goods $36.000 $ 27.000 $ 66,000 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. 4B. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year. Dok ences Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req3 Req 4A Reg 48 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 Materials used in production Total manufacturing costs ter 3 Graded Homework G Saved 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. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Reg 3 Req 4A Req 4B Reg 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 Materials used in production / / Total manufacturing costs / / / / / / / / / / / / / / / / / / / / Cost of goods manufactured / / Reg 2 Req 4A > Prev 1 of 1 Next > Chapter 3 Graded Homework Saved Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is require transaction/event, select "No journal entry required" in the first account field.) View transaction list oints Journal entry worksheet ebook Record the entry to close any balance in the manufacturing overhead account to cost of goods sold. References Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Reg 4B > Prev 1 of 1 Next > Huyu 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. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Reg 3 Req 4A Reg 4B Reg 5 ces Prepare a schedule of cost of goods sold. Froya Fabrikker AS Schedule of Cost of Goods Sold / / / 7 / ( Req 4A Chapter 3 Graded Homework Saved Minyum 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. bints Complete this question by entering your answers in the tabs below eBook Req 1 Req 2 Reg 3 Req 4A Prepare an income statement for the year. eferences Froya Fabrikker A/S Income Statement For the Year Ended Selling and administrative expenses: / / > Reg 4B Prev 1 of 1 Next >

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