Blanding Manufacturing started in 2018 with the following account balances: $12,000 10,000 10,000 2,400 1,600 4,000 Cash Common stock Retained earnings Raw materials inventory Work in process inventory Finished goods inventory (320 units $12.50 each) Transactions during 2018 1. Purchased $6,000 of raw materials with cash 2. Transferred $7,500 of raw materials to the production department. 3. Incurred and paid cash for 180 hours of direct labor @ $32 per hour. 4. Applied overhead costs to the Work in Process Inventory account. The predetermined overhead rate is $33.00 per direct labor hour. 5. Incurred actual overhead costs of $6,000 cash. 6. Completed work on 1,200 units for $12.80 per unit. 7. Paid $2,800 in selling and administrative expenses in cash 8. Sold 1,200 units for $19,200 cash revenue (assume FIFO cost flow) 9. Blanding charges overapplied or underapplied overhead directly to Cost of Goods Sold. Required a. Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. b. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2018. Complete this question by entering your answers in the tabs below Req A Req B CGM Sched Req B Inc Stmt Req B Bal Sheet Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. (Enter decreases to account balances with a minus sign.) Assets Equity Event cash cturingMaterials Finished_ Goods Raw Work in +Process Common Retained Earnings Expense Income Net + Overhead Stock + Revenue 0 B.B + 2,400$ 1,600$ 4,000$ 10,000S 10,000 12,000 4 6 8b Tota 12,000 0S 2,400 1,600$ 4,000 10,000S10,000 Req A Req B CGM Sched>