Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heav...

Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipmen

Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oiComplete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Req 4B Req 5 Prepare a schedule o

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 $380,000 of manufacturing overhead for an estimated allocation base of 1,000 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $275,000. b. Raw materials used in production (all direct materials), $260,000. c. Utility bills incurred on account, $74,000 (95% related to factory operations, and the remainder related to selling and administrative activities) d. Accrued salary and wage costs: C Direct labor (1,100 hours) 305,000 $ 105,000 $ 185,000 Indirect labor Selling and administrative salaries e. Maintenance costs incurred on account in the factory, $69,000 f. Advertising costs incurred on account, $151,00o. g. Depreciation was recorded for the year, $87,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment) h. Rental cost incurred on account, $112,000 (85% related to factory facilities, and the remainder related to selling and administrative facilities) i. Manufacturing overhead cost was applied to jobs, $ ? j.Cost of goods manufactured for the year, $920,000 k. Sales for the year (all on account) totaled $1,950,000. These goods cost $950,000 according to their job cost sheets The balances in the inventory accounts at the beginning of the year were: Raw Materials $ 45,000 Work in Process 36,000 Finished Goods $ 75,000 Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Req 4B Req 5 Prepare a schedule of cost of goods sold. Froya Fabrikker A/S Schedule of Cost of Goods Sold

 

Apr 11 2020 View more View Less

Answer (Solved)

question Subscribe To Get Solution

Related Questions