Note enter debits before credits transaction general

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cost of goods sold. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Reg 4 > Raw Materials Work in Process Finished Goods $ 31,000 $ 22,000 $ 61,000 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. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req3 Req 4A Req 48 Reg 5 Reg 5 Prepare a schedule of cost of goods sold. Froya Fabrikker A/S Schedule of Cost of Goods Sold < Req 4A Reg 5 >
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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. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 Req3 Req 4A Req 48 Req 5 Prepare an income statement for the year. Froya Fabrikker A/S Income Statement For the Year Ended Selling and administrative expenses: $ 0 < Reg 4B Regs > 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 $329,000 of manufacturing overhead for an estimated allocation base of 940 direct labor-hours. The following transactions took place during the year a. Raw materials purchased on account, $205,000. b. Raw materials used in production (all direct materials). $190,000. c Utility bills incurred on account, $60,000 (90% related to factory operations, and the remainder related to selling and administrative activities). d Accrued salary and wage costs: Direct labor (1,015 hours)
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Indirect labor Selling and administrative salaries $ 235,000 $ 91,000 $ 115,000 e. Maintenance costs incurred on account in the factory. $55.000 f. Advertising costs incurred on account, $137,000. g. Depreciation was recorded for the year, $85,000 (70% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $110,000 (75% related to factory
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  • Fall '19
  • Froya Fabrikker A/S

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