5 Problem 10-27A (Algo) Schedule of cost of goods manufactured and sold LO 10-3 4 points Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash, $677,000: Raw Materials Inventory. $68,000: Work in Process Inventory, $25,000; Finished Goods Inventory, $50,000, Common Stock, 5602,000, and Retained Earnings, $218,000. Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. ebook 1. Pald $28,000 of research and development costs. 2. Paid $55,000 for raw materials that will be used to make eBook readers 3. Placed $86,000 of the raw materials cost into the process of manufacturing eBook readers. 4. Paid $68,000 for salaries of selling and administrative employees. 5. Paid $109,000 for wages of production workers. 6. Paid $152,000 to purchase equipment used in selling and administrative offices 7. Recognized depreciation on the office equipment. The equipment was acquired on January 1. Year 2. It has a $12.000 salvage value and a seven-year life. The amount of depreciation is computed as [(Cost - salvage) - useful life]. Specifically. ($152.000 - $12,000) - 7-$20,000. 8. Paid $162,000 to purchase manufacturing equipment 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, Year 2. It has a $29.000 salvage value and a seven-year life. The amount of depreciation is computed as [(Cost - salvage) + useful life]. Specifically ($162,000 - $29,000) + 7 + $19.000 10. Paid $55,000 for rent and utility costs on the manufacturing facility 11 Paid $80,000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries of warehouse personnel, and other general storage cost). 12. Completed and transferred eBook readers that had total cost of $241,000 from work in process inventory to finished goods 13. Sold 900 eBook readers for $428,000 14. It cost Antioch $171,000 to make the eBook readers sold in Event 13 Roces Required: a. Show how these events affect the balance sheet income statement, and statement of cash flows by recording them in a horizontal financial statements model c-1. Prepare a schedule of cost of goods manufactured and sold for the year c-2. Prepare a formal income statement for the year Mc Graw HI > 20 . F3 TE F9 EI F2 # # $ A $ % * & Chapter Ton Gall http://erto meducation.com/ext/map/index.html?con contexternal browarunchurth253A%252F%252Fnewconnect.me okmarks My Ole Google Docs M Omail Jake M OSU Gmail * trade investment Southern Portal Follo G5 Am apter Ten Graded Homework 5 BLAGA Red C1 Reg 2 Reg C sints Prepare a schedule of cost of goods manufactured and sold for the year. (Amounts to be deducted should be indicated with minus sign) ANTIOCK COMOVNY Schil Coet of Gode Manufactural and Sold For the Year Ended December 21, Year Beginning raw materials Inventory Purchases Raw materials available Ending raw materials inventory Raw materials used | Labor Overhead Total manufacturing costs Beginning work in process inventory Total work in process inventory Ending work in process inventory Cost of goods mandatured Beginning finished goods invertory Goods available Ending finished goods inventory Cost of goods sold 5 O RA > C-3. Prepare a balance sheet for the year. Complete this question by entering your answer in the tabs below. Req A Reg C1 Reg C2 Reg C3 1:20 Prepare a balance sheet for the year. ANTIOCH COMPANY Balance Sheet As of December 31, Year 2 Assets Cash Work in process inventory Raw materials inventory Finished goods inventory Office equipment Manufacturing equipment aces $ Total assets Stockholders' Equity Common stock Retained earnings Total stockholders' equity > 20 . F3 TE F9 EI F2 # # $ A $ % * & Chapter Ton Gall http://erto meducation.com/ext/map/index.html?con contexternal browarunchurth253A%252F%252Fnewconnect.me okmarks My Ole Google Docs M Omail Jake M OSU Gmail * trade investment Southern Portal Follo G5 Am apter Ten Graded Homework 5 BLAGA Red C1 Reg 2 Reg C sints Prepare a schedule of cost of goods manufactured and sold for the year. (Amounts to be deducted should be indicated with minus sign) ANTIOCK COMOVNY Schil Coet of Gode Manufactural and Sold For the Year Ended December 21, Year Beginning raw materials Inventory Purchases Raw materials available Ending raw materials inventory Raw materials used | Labor Overhead Total manufacturing costs Beginning work in process inventory Total work in process inventory Ending work in process inventory Cost of goods mandatured Beginning finished goods invertory Goods available Ending finished goods inventory Cost of goods sold 5 O RA > C-3. Prepare a balance sheet for the year. Complete this question by entering your answer in the tabs below. Req A Reg C1 Reg C2 Reg C3 1:20 Prepare a balance sheet for the year. ANTIOCH COMPANY Balance Sheet As of December 31, Year 2 Assets Cash Work in process inventory Raw materials inventory Finished goods inventory Office equipment Manufacturing equipment aces $ Total assets Stockholders' Equity Common stock Retained earnings Total stockholders' equity