Blanding Manufacturing started in 2018 with the following account balances: Cash $ 12,000 Common stock 10,000 Retained earnings 10,000 Raw materials inventory 2,400 Work in process inventory 1,600 Finished goods inventory (320 units @ $12.50 each) 4,000 Transactions during 2018 Purchased $6,000 of raw materials with cash. Transferred $7,500 of raw materials to the production department. Incurred and paid cash for 180 hours of direct labor @ $32 per hour. Applied overhead costs to the Work in Process Inventory account. The predetermined overhead rate is $33.00 per direct labor hour. Incurred actual overhead costs of $6,000 cash. Completed work on 1,200 units for $12.80 per unit. Paid $2,800 in selling and administrative expenses in cash. Sold 1,200 units for $19,200 cash revenue (assume FIFO cost flow). Blanding charges overapplied or underapplied overhead directly to Cost of Goods Sold. Required Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2018.