Benson Construction Company began operations on January 1, Year 1, when it acquired $14,000 cash from the issuance of common stock. During the year. Benson purchased $2.500 of direct raw materials and used $2,300 of the direct materials. There were 106 hours of direct labor worked at an average rate of $6 per hour paid in cash. The predetermined overhead rate was $2.00 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. Job 1 Job 2 Job 3 Direct Materials $ See 900 980 Direct Labor Hours 26 5e 3e The company paid $48 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $150. Benson completed Jobs 1 and 2 and sold Job 1 for $1.378 cash. The company incurred $170 of selling and administrative expenses that were paid in cash. Over- 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 Year 1 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. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A and c Reg D CGM Sched Reg D Inc Stmt Reg D Bal 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 cost category for the jobs in total. When entering cost data, please combine all job costs of direct raw materials, direct labor, and manufacturing overhead respectively into one entry for each job. Enter any decreases to account balances with a minus sign.) Show less Equity Assets Raw Materials Cash Manufacturing Overhead + + Work In Process + Finished Goods + Retained Earnings Revenue Common Stock 14.000 Expenses Net Income 14,000 + + - JE = - = - - + 1+ + + + + - - - + - + - - + + + + + + + + + + + + - - - - - - + VE SUIT LUISLI ULLIVIT Lumpury veyun PCIULIUIS UIT JUMUIY", ICUI I VVICII IL uLyuncu PITUUU LUSILIUM LIIS ISSUUIILE UI LUITION stock. During the year, Benson purchased $2,500 of direct raw materials and used $2,300 of the direct materials. There were 106 hours of direct labor worked at an average rate of $6 per hour paid in cash. The predetermined overhead rate was $2.00 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. Direct Direct Labor Materials Job 1 Job 2 Job 3 $ 500 900 900 Hours 26 50 30 The company paid $48 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $150. Benson completed Jobs 1 and 2 and sold Job 1 for $1,378 cash. The company incurred $170 of selling and administrative expenses that were paid in cash. Over- 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 Year 1 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A and C Req D CGM Sched Reg D Inc Stmt Req D Bal Sheet Prepare an income statement for Year 1. BENSON CONSTRUCTION COMPANY Income Statement for Year 1 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses 0 Net income $ 0 Donau Sabad DADDLCbaot 2 Benson Construction Company began operations on January 1, Year 1, when it acquired $14,000 cash from the issuance of common stock. During the year, Benson purchased $2,500 of direct raw materials and used $2,300 of the direct materials. There were 106 hours of direct labor worked at an average rate of $6 per hour pald In cash. The predetermined overhead rate was $2.00 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. 20 points Job 1 Job 2 Job 3 Direct Materials $ 5ee 90e gee Direct Labor Hours 26 50 30 The company paid $48 cash for Indirect labor costs. Actual overhead cost paid in cash other than Indirect labor was $150. Benson completed Jobs 1 and 2 and sold Job 1 for $1,378 cash. The company Incurred $170 of selling and administrative expenses that were pald in cash. Over- 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 Year 1 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg D CGM Reg A and c Sched Reg D Inc Stmt Reg D Bal Sheet Prepare a balance sheet for Year 1. BENSON CONSTRUCTION COMPANY Balance Sheet for Year 1 Assets Cash Finished goods inventory Raw materials inventory Work in process inventory Total assets s 0 Equity Common stock Retained earnings Total equity 0 0 Mc Benson Construction Company began operations on January 1, Year 1, when it acquired $14,000 cash from the issuance of common stock. During the year. Benson purchased $2.500 of direct raw materials and used $2,300 of the direct materials. There were 106 hours of direct labor worked at an average rate of $6 per hour paid in cash. The predetermined overhead rate was $2.00 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. Job 1 Job 2 Job 3 Direct Materials $ See 900 980 Direct Labor Hours 26 5e 3e The company paid $48 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $150. Benson completed Jobs 1 and 2 and sold Job 1 for $1.378 cash. The company incurred $170 of selling and administrative expenses that were paid in cash. Over- 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 Year 1 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. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A and c Reg D CGM Sched Reg D Inc Stmt Reg D Bal 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 cost category for the jobs in total. When entering cost data, please combine all job costs of direct raw materials, direct labor, and manufacturing overhead respectively into one entry for each job. Enter any decreases to account balances with a minus sign.) Show less Equity Assets Raw Materials Cash Manufacturing Overhead + + Work In Process + Finished Goods + Retained Earnings Revenue Common Stock 14.000 Expenses Net Income 14,000 + + - JE = - = - - + 1+ + + + + - - - + - + - - + + + + + + + + + + + + - - - - - - + VE SUIT LUISLI ULLIVIT Lumpury veyun PCIULIUIS UIT JUMUIY", ICUI I VVICII IL uLyuncu PITUUU LUSILIUM LIIS ISSUUIILE UI LUITION stock. During the year, Benson purchased $2,500 of direct raw materials and used $2,300 of the direct materials. There were 106 hours of direct labor worked at an average rate of $6 per hour paid in cash. The predetermined overhead rate was $2.00 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. Direct Direct Labor Materials Job 1 Job 2 Job 3 $ 500 900 900 Hours 26 50 30 The company paid $48 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $150. Benson completed Jobs 1 and 2 and sold Job 1 for $1,378 cash. The company incurred $170 of selling and administrative expenses that were paid in cash. Over- 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 Year 1 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A and C Req D CGM Sched Reg D Inc Stmt Req D Bal Sheet Prepare an income statement for Year 1. BENSON CONSTRUCTION COMPANY Income Statement for Year 1 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses 0 Net income $ 0 Donau Sabad DADDLCbaot 2 Benson Construction Company began operations on January 1, Year 1, when it acquired $14,000 cash from the issuance of common stock. During the year, Benson purchased $2,500 of direct raw materials and used $2,300 of the direct materials. There were 106 hours of direct labor worked at an average rate of $6 per hour pald In cash. The predetermined overhead rate was $2.00 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. 20 points Job 1 Job 2 Job 3 Direct Materials $ 5ee 90e gee Direct Labor Hours 26 50 30 The company paid $48 cash for Indirect labor costs. Actual overhead cost paid in cash other than Indirect labor was $150. Benson completed Jobs 1 and 2 and sold Job 1 for $1,378 cash. The company Incurred $170 of selling and administrative expenses that were pald in cash. Over- 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 Year 1 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg D CGM Reg A and c Sched Reg D Inc Stmt Reg D Bal Sheet Prepare a balance sheet for Year 1. BENSON CONSTRUCTION COMPANY Balance Sheet for Year 1 Assets Cash Finished goods inventory Raw materials inventory Work in process inventory Total assets s 0 Equity Common stock Retained earnings Total equity 0 0 Mc