problem 3-15 journal entries; t-accounts; financial statements 19 l03-1, 19 l03-2, 14 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 $360.000 of manufacturing overhead for an estimated allocation base of 900 direct labor-hours. the following transactions took place during the year: a. raw materials purchased on account. $200.000. b. raw materials used in production (all direct materials), $185,000. c. utility bills incurred on account, $70,000 (90% related to factory operations, and the remainder related to selling and administrative activities). d. accrued salary and wage costs: direct labor (975 hours) indirect labor $230.000 $90.000 selling and administrative salaries $110,000 e. maintenance costs incurred on account in the factory. $54,000. f. advertising costs incurred on account, $136,000 g. depreciation was recorded for the year, $95,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment). h. rental cost incurred on account, $ 120,000 (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. $770.000 k. sales for the year (all on account) totaled $1,200.000. these goods cost $800,000 according to their job cost sheets. the balances in the inventory accounts at the beginning of the year were raw materials $30.000 work in process $21.000 finished goods $60,000