Angeloni 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 July 1 appears below: $ 12,000 Angeloni Corporation Balance Sheet July 1 Assets: Cash Raw materials Work in process Finished goods Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity: Retained earnings Total liabilities and stockholders' equity $ 6,000 13,000 16,000 35,000 234,000 $281,000 $281,000 $281,000 Summaries of the transactions completed during July appear below: (1) Raw materials purchased for cash (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect 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 paid in cash (8) Depreciation on Property, plant, and equipment--manufacturing equipment (9) Depreciation on Property, plant, and equipment--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) Overapplied (underapplied) overhead $ 68,000 $ 56,000 $ 11,000 $100,000 $ 20,000 $ 39,000 $ 11,000 $ 10,000 $ 1,000 $ 14,000 $ 48,000 $196,000 $283,000 $202,000 ? Required: a. Completely fill in the spreadsheet below. Property, plant, and Finished Manufacturing equipment Goods Overhead (net) Raw Cash Materials Work in Process Retained Earnings Transactions Beginning balances, July 1 (1) Raw materials purchased for cash (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect 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 paid in cash (8) Depreciation on Property, plant, and equipment--manufacturing equipment (9) Depreciation on Property, plant, and equipment--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) Overapplied (underapplied) overhead Ending balances at July 31 II | | | | | | | | | | | | b. Prepare a Schedule of Cost of Goods Sold for the company for July. c. Prepare an Income Statement for the company for July
