Answer

Rundle C on Company began operations on January 1. 2019, when it acquired $16,000 cash from the issuance of common stock. During the year, Rundle purchased $2,700 of direct raw materials and used $2,500 of the direct materials. There were 114 hour of direct labor worked at an average rate of $6 per hour paid in cash. The predetermined overhead rate was $4.00 per direct labor hour. The company started construction on three prefabricated buildings. The job cost sheets reflected the following allocations of costs to each building: DirectDirect Materials ob 1$ 70e Job 2 Job 3 34 900 900 5 52 2 28 The company paid $63 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $383. Rundle Jobs 1 and 2 and sold Job 1 for $1.680 cash. The company incurred $160 of selling and administrative expenses that were paid in cash. or underapplied overhead is closed to Cost of Goods Sold Required a. Record the preceding events in a horizontal statements model. The first event for 2019 has been recorded as an example. b. Reconcile all subsidiary accounts with their respective control accounts. Record the closing entry for over-or underapplied manufacturing overnead in the horizontal statements model assuming that th amount is insignificant d. Prepare a scnedule of cost of goocs manufacturecl and sold, an income statement and a balance sheet for 2019 in the tabs below. D Ba RecD Inc Stm tements mode, assuming that the Req D Inc Req D CGM the ead in the 2,700 2,700 0 + 2.700 +