Adams Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation. 1. Acquired $2,200 cash from the issue of common stock. 2. Paid $540 cash for direct raw materials. 3. Transferred $390 of direct raw materials to work in process. 4. Paid production employees $640 cash. 5. Paid $350 cash for manufacturing overhead costs. 6. Applied $230 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,030. 8. Sold products that cost $870 for $1,610 cash. 9. Paid $340 cash for selling and administrative expenses. 10. Made a $100 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold.