Beginning Balances: Cash FG-Inv: 1,000 units @$200 each Equipment Accumulated Depr Accounts Payable Notes Payable Common Stock Retained Earnings $400,000 200,000 800,000 200,000 50,000 600,000 200,000 Assumptions: Ink Paper Labor Rate Labor Productivity Manufacturing Overhead Production Quantity Selling Price Multiple 1@20 1@10 $15 per hr 5 per. hour $500,000 100,000 Journal Entries: 1. Additional Common Stk $200,000 Journal Entries: 1. Additional Common Stk 2. Paid on Note Payable 3.Purchased Ink 4. Purchased 5. Transferred Ink to WIP 6. Transferred Paper to WIP 7. Actual Labor Hours 8. Appied Manufacturing Overhead 9. Units completed with 80% Raw $200,000 $50,000 110,000 120,000 100,000unit 100,000unit Paper 21,000. hrs 21,000. hrs 80,000 Materials and 100% of Labor and Overhead transferred to FG 10. Cash Sales, FIFO Inventory Costing 11. Actual. MOH Depr Other 70,000 $300,000 $210,000 10. Record over or under applied MOH 11. Selling Expenses 12. Administrative Expenses 13. Dividends 30% of sales $2,000,000 $200,000 aragrap Requires: 1. Post initial account balances to ledger 2. Calculate Unit Cost, SP & POR 3. Record 13 journal entries 4. Post to ledger 5. Prepare trial balance 6. Prepare COGM Schedule 7. Prepare COGS Statement 8. Income Statement 9. Statement of RE 10. Balance Sheet 11. Statement of Cash Flow 12. Closing Entries