Baird Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $7,700 of raw materials and worked on three job orders during Year 1 for which dets follow. (Assume that all transactions are for cash unless otherwise indicated.) Jab 1 Jab 2 Jab 3 Total Direct Raw Materials Used Direct Labor $1,180 $1,800 2,1ee 3,920 3,480 2,128 $6,620 $ 7,8ee Factory overhesd is applied using a predetermined overhead rate of $0.70 per direct labor doller. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10.670 cash. Beird paid $600 for selling and administrative expenses. Actual factory overhead was $6,060. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhesd 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 Req A and C Reg D Inc Reg D Bal Sched Stmt Sheet 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 insignificant. The first event for Year 1 has been recorded as an example. (Record each item separately. Enter costs of each job individually. Enter any decreases to account balances with a minus sign.) Aseets Raw Material Cash Manufacturing Overhead Work in Process Finished Goode Equity Common Retained Stock Earning 60,000 Revenue Expense Net Income 60,000 ROGA and Req D CGM Sched > Baird Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $7,700 of raw materials and worked on three job orders during Year 1 for which dets follow. (Assume that all transactions are for cash unless otherwise indicated.) Jab 1 Jab 2 Jab 3 Total Direct Raw Materials Used Direct Labor $1,180 $1,800 2,1ee 3,920 3,480 2,128 $6,620 $ 7,8ee Factory overhesd is applied using a predetermined overhead rate of $0.70 per direct labor doller. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10.670 cash. Beird paid $600 for selling and administrative expenses. Actual factory overhead was $6,060. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhesd 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 Req A and C Reg D Inc Reg D Bal Sched Stmt Sheet 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 insignificant. The first event for Year 1 has been recorded as an example. (Record each item separately. Enter costs of each job individually. Enter any decreases to account balances with a minus sign.) Aseets Raw Material Cash Manufacturing Overhead Work in Process Finished Goode Equity Common Retained Stock Earning 60,000 Revenue Expense Net Income 60,000 ROGA and Req D CGM Sched >
