(91ation on PP& E --manufacturing equipment Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 Assets: Cash $ 10,450 Raw materials $ 3,150 Work in process 15,450 Finished goods 19,450 38,050 Property, plant, and equipment (net) 229,450 Total assets $277,950 Liabilities and Stockholders' Equity: Accounts payable $ 15,225 Retained earnings 262,725 Total liabilities and stockholders' equity $277,950 Summaries of the transactions completed during October appear below: (1) Raw materials purchased on account $ 66,450 (2) Raw materials used in production (direct materials) $ 50,450 (3) Raw materials used in production (indirect materials) $ 7,225 (4) Direct labor paid in cash $ 95,450 (5) Indirect labor paid in cash $ 25,450 (6) Selling and administrative salaries paid in cash $ 30,450 173 ( utility costs (on account) $ 12,456 10.450 18! $ 2,225 expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured $196,450 (13) Cash sales $278,000 (14) Cost of goods sold $205,450 (15) Cash payments to creditors $ 81,450 (16) Overapplied (underapplied) overhead $ 10,425 $ 15,450 $ 58,350 Required A Required B Required C Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign.) Transactions Cash Raw Materials Work in Process Finished Goods Manufacturing Overhead PP&E (net) Accounts Retained Payable Earnings = Beginning balances, October 1 (1) Raw materials purchased on account (2) Raw materials used in production (direct materials) Raw materials used in production (indirect (3) materials) (4) Direct labor paid in cash (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs (on account) (8) Depreciation on PP&E--manufacturing equipment (9) Depreciation on PP&E--selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales (14) Cost of goods sold (15) Cash payments to creditors (16) Overapplied (underapplied) overhead Ending balances at October 31 0 0 0 0 0 0 = 0 0 Required A Required B Required C Prepare a Schedule of Cost of Goods Sold for the company for Octo Gilkison Corporation Schedule of Cost of Goods Sold For the month ended October 31 0 0 Adjusted cost of goods sold $ 0 Gilkison Corporation Income Statement For the month ended October 31 0 Selling and administrative expenses: 0 $ 0