Benson Corporation makes custom-order furniture to meet the needs of persons with disablities. On January 1, 2018, the company had the following account balances: $87,000 for both cash and common stock. In 2018, Benson worked on three jobs. The relevant direct operating costs follow Direct Labor S 4,400 2,808 Direct Materials $ 5,200 1,808 Job 1 Job 2 Job 3 8.800 4,400 $16,eee $11,488 Total Benson's predetermined manufacturing overhead rate was $.40 per direct labor dollar. Actual manufacturing overhead costs amounted to $6,152 Benson pald cash for all costs. The company completed and delivered Jobs 1 and 2 to customers during the year. Job 3 was Incomplete at the end of the year. The company sold Job 1for $16,800 cash and Job 2 for $8.300 cash. Benson also pald $3,600 cash for selling and administrative expenses for the year Benson uses a just-In-time Inventory management system. Consequently. It does not have raw materlals Inventory. Raw materlals purchases are recorded directly In the Work In Process Inventory account Required a. Record the preceding events In a horizontal statements model. The first row shows beginning balances b. Record the entry to close the amount of underapplied or overapplied overhead for the year to Cost of Goods Sold (In the expense category) In the horizontal financlal statements model. c. Determine the gross margin for the year Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the preceding events in a horizontal statements model. The first row shows beginning balances. (Enter costs of each job individually. Enter any ecreases to account balances with a minus sign.) Assets Equity Retained Earnings Work in Cash Process Manufacturing Overhead Net Revenue - ExpenseIncome Common Finished Goods Stock 87,000 87,000 (4.400) + 4.400 0- 0= 0 0 0 + (5,200)+ 0+ 5,200 0= 0 0- 0 0 (2,800) + 0+ 2,800 0 0 0 0 0+ (1.800) 1,800 0- 0 0 0 0+ (8,800) 8,800 0- 0 0 0+ (4,400)+ 4.400 0 0+ 0 0 0+ 0 +