Adams Manufacturing Corporation was started with the issuance of common stock for $70,000. It purchased $7800 of raw materials and worked on three job orders during Yeart for which data follow. (Assume that all transactions are for cash unless otherwise Indicated) Direct Materials Used $1,500 26200 Job Job 2 Job Total Direct Labor $2,100 3.800 3.100 50.000 56.900 Factory overhead is applied using a predetermined overhead rate of $0.50 per direct labor dollar, Jobs 2 and 3 were completed during the period and Job 3 was sold for $10.250 cash. Adams paid $500 for selling and administrative expenses. Actual factory overhead was $4,400. Required a. Record the preceding events in a horizontal statements model. The first event for Year has been recorded as an example. c. Record the closing entry for over or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1 Complete this question by entering your answers in the tabs below. Reg DCGM Reginc BA and Regal Sched Sant Record the preceding events in a horizontal statements model. Record the closing entry for over or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is significant. The first event for Year 1 has been recorded as an example Record each item separately. Enter costs of each job individual. Enter any decreases to account balance with a minus) Show less