Business
Business, 06.04.2021 03:50, robert7248

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 and 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 (all purchases and services were acquired on account): a. Raw materials purchased for use in production, $275,000. b. Raw materials requisitioned for use in production (all direct materials), $260,000. c. Utility bills were incurred, $74,000 (95% related to factory operations, and the remainder related to selling and administrative activities). d. Salary and wage costs were incurred: Direct labor (1,100 hours) $ 305,000 Indirect labor $ 105,000 Selling and administrative salaries $ 185,000 e. Maintenance costs were incurred in the factory, $69,000. f. Advertising costs were incurred, $151,000. 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 buildings, $112,000 (85% related to factory operations, and the remainder related to selling and administrative facilities). i. Manufacturing overhead cost was applied to jobs, $

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