Job-Order Costing System Assignment | Top Universities

Check my work Problem 3-15 Journal Entries; T-Accounts; Financial Statements (LO3-1, LO3-2, LO3-3, LO3-4) Froya Fabrikker AS 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 to manufacturing overhead costs to jobs on the basis of direct labor- hours.
Top Universities
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) 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 the 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. The rental cost incurred on account, $110,000 (75% related to factory facilities, and the remainder related to selling and administrative facilities) Manufacturing overhead cost was applied to jobs, $ ? J. Cost of goods manufactured for the year. $780,000. k. Sales for the year (all on account) totaled $1,250,000. These goods cost $810,000 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 $ 31, eee $ 22,000 $ 61,000 Required: ding transactions. 1. Prepare journal entries to record the preceding transactions D 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. US Complete this question by entering your Reg i Reg 2 Reg 3 Req 4A Chec Post your entries to T-accounts. (Don’t forget to enter the beginning inventory balances above.) Accounts Receivable Sales Beg Beg. Bal. Raw Materials Cost of Goods Sold Beg. Bal. Beg. Bal End, Bal. End. Bal. Work in Process Manufacturing Overhead Prow 1 of 1 :: Next Work in Process Manufacturing Overhead TT LOTT End. Bal. Finished Goods Advertising Expense Beg Bal End Bal Accumulated Depreciation Utilities Expense 1 Beg Bal 0 ANN End Bal Accounts Payable Salaries Expense Bog. Bal. mm 912 Bal End. Bal. Eng bal. Depreciation Expense Salaries & Wages Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal Rent Expense Beg. Bal. End. Bal. Get Accounting Homework Help Today

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper
Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Homework Writing Services
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Business Studies
Excellent work
Customer 453413, February 14th, 2020
Business and administrative studies
Great effort.
Customer 458115, May 2nd, 2022
Customer 463473, November 1st, 2022
Criminal Justice
this is an excellent paper
Customer 454221, April 3rd, 2020
English 101
Customer 460641, April 13th, 2022
Customer 463813, March 8th, 2023
Social Work and Human Services
Customer 460073, June 20th, 2022
Thank you! Yes I did receive my paper on time. Thank you for all the help.
Customer 453975, February 3rd, 2020
Thank you very much
Customer 452763, December 6th, 2021
Accounting & Finance
Good blog design and content.
Customer 452441, April 15th, 2022
good job
Customer 452741, March 27th, 2020
Thank you for following instructions
Customer 463957, April 6th, 2023
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat