10:00 William Gann: Attempt 1 3 Question 8 (10 points) 6 9 The Alta Land Inc. (ALI) Company was started on January 1, Year 1. The company incurred the following transactions during the year. (Assume all transactions are for cash unless otherwise indicated.) 1. Acquired $2,500 by issuing common stock. 2. Purchased $700 of direct raw materials. 3. Used $500 of these direct raw materials in the production process. 4. Paid production workers $900 cash. 5. Applied $800 in manufacturing overhead cost. 6. Started and completed 100 units of inventory 7. Sold 80 units at a price of $30 each. 8. Paid $400 for selling and administrative expenses. The amount of finished goods inventory on Ali's balance sheet at December 31, Year 1, would be 12 5 $1,760. $440. $2,000. $280. Question 9 (10 points) The Alta Land Inc. (ALI) Company was started on January 1. Year 1. The company incurred the following transactions during the year. (Assume all transactions are for cash unless otherwise