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k. Sales for the year (all on account) totaled $1,650,000. These goods cost $890,000 according to their job cost sheets. The beginning balances in the inventory accounts were: Required: 1 Prepare joumal entries to tecord the preceding transactions 2. Post your entries to T-accounts (Dont forget to enter the beginning inventory balances above) 3. Prepare a schedule of cont of goods manufactured 4A Prepare a journal entry to close any balance in the Marvufacturno Gverhead account to Cost of Goods Sold. 4Q. Prepare a schedule of cost of goods sold 5 Prepare an income statement. Complete this question by entering your answers in the tabs below. e. Maintenatnce costs incutted on account in the factory, $63,000 1. Advertising costs incurted on account, $145,000 9. Depreciation recorded for the year, $81,00000% related to factory equpment, and the remainder related to seling and administrative equipment? h Rental cost incurced on account $106,000 i75: reated to factory fachisies, and the remainder related to 5 eiling and administrative tacilines) 1. Manufacturing averhead cost appled to jobs. 1 . Cost of ocods minufoctured, 5860000 K. Sales for the ycar coll on accounth totaled $1650,000. These goods cost $890,000-according to theirjob cost sheets. The beginhing bolances in the inveritary accounts were Froya Fabrikker A/S of Bergen, Norway, manufactures specialty beavy equipment for use in North Sea oil fieids. The company uses a job.order costing system that apples 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 occutred during the year a. Raw materials purchased on account $2,45,000 b. Raw materials used in prodaction (all direct materials), $230,000 C. Utility bilis incurted on accocint, $68,000 (85\% related to foctory operotions, and the remainder related to selang and administrative activies) d. Accrued salary and wage costs. e- Maintenance costs pocurred on account in the factory sea ooo 1. Advertising costs incurred on occount $145000 administrative equlpment

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