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 $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 for use in production, $295,000.(b) raw materials requisitioned for use in production (all direct materials), $280,000.(c) utility bills were incurred, $78,000 (95% related to factory operations, and the remainder related to selling and administrative ) salary and wage costs were incurred: direct labor (890 hours) $325,000indirect labor $109,000selling and administrative salaries $205,000(e) maintenance costs were incurred in the factory, $73,000.(f) advertising costs were incurred, $155,000.(g) depreciation was recorded for the year, $91,000 (80% related to factory equipment, and the remainder related to selling and administrative ) rental cost incurred on buildings, $105,000 (85% related to factory operations, and the remainder related to selling and administrative ) manufacturing overhead cost was applied to jobs, $ ) cost of goods manufactured for the year, $960,000.(k) sales for the year (all on account) totaled $2,150,000. these goods cost $990,000 according to their job cost sheets. the balances in the inventory accounts at the beginning of the year were: raw materials $49,000work in process $40,000finished goods $79,000 prepare journal entries to record the above data.