4. Paid $570 of direct labor wages to employees to make inventory. 5. Applied $320 of manufacturing overhead cost to Work in Process Inventory. 6. Finished work on inventory that cost $1,860. 7. Sold goods that cost $1,600 for $2,860. 8. Paid $490 for selling and administrative expenses. 9. Actual manufacturing overhead cost amounted to $340 for the year. Transactions for Year 3 1. Paid a cash dividend of $800. 2. Purchased $1,460 of direct raw materials. 3. Used $1,190 of direct raw materials to produce inventory. 4. Paid $430 of direct labor wages to employees to make inventory. 5. Applied $310 of manufacturing overhead cost to work in process. 6. Finished work on inventory that cost $2,100. 7. Sold goods that cost $2,240 for $3,510. 8. Paid $680 for selling and administrative expenses. 9. Annual manufacturing overhead costs were $230 for the year. Required a.c.\&d. Record the preceding events in horizontal statements models for each of the three years. Close overapplied or underapplied overhead to Cost of Goods Sold. In Year 1, the first event is shown as an example. b.\&d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet as of the close of business on December 31, Year 1, Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Problem 11-17A (Algo) Manufacturing cost flow across three accounting cycles L0 11-1, 11-2, 11-3 The following accounting events affected Rundle Manufacturing Company during its first three years of operation. Assume that all transactions are cash transactions. Transactions for Year 1 1. Started manufacturing company by issuing common stock for $3,000. 2. Purchased $1,270 of direct raw materials. 3. Used $720 of direct raw materials to produce inventory. 4. Paid $320 of direct labor wages to employees to make inventory. 5. Applied $320 of manufacturing overhead cost to Work in Process Inventory. 6. Finished work on inventory that cost $920. 7. Sold goods that cost $620 for $1,150. 8. Paid $310 for selling and administrative expenses. 9. Actual manufacturing overhead cost amounted to $221 for the year. Transactions for Year 2 1. Acquired additional $1,500 of cash from common stock. 2. Purchased $1,240 of direct raw materials. 3. Used $1,260 of direct raw materials to produce inventory. 4. Paid $570 of direct labor wages to employees to make inventory. 5. Applied $320 of manufacturing overhead cost to Work in Process Inventory. 6. Finished work on inventory that cost $1,860. 7. Sold goods that cost $1,600 for $2,860. 8. Paid $490 for selling and administrative expenses. 9. Actual manufacturing overhead cost amounted to $340 for the year