Brooks Corporation uses a job-order costing system to apply manufacturing costs to jobs. The company closes its underapplied or overapplied overhead to cost of goods sold. Its balance sheet on March 1 is as follows: $ 85,000 Brooks Corporation Balance Sheet March 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $22,700 21,400 26,600 70,700 1,880 247,000 $ 404,580 $ 20,500 384,080 $ 404,580 During March the company completed the following transactions: a. Purchased raw materials for cash, $86,600. b. Raw materials used in production, $88,800 ($77,800 was direct materials and $11,000 was indirect materials). c. Paid $237,750 of salaries and wages in cash ($138,750 was direct labor, $39,800 was indirect labor, and $59,200 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs paid in cash to support production, $58,400. e. Depreciation recorded on property, plant, and equipment, $49,400 (85% related to manufacturing equipment and 15% related to assets that support selling and administration). f. Various selling expenses incurred on account, $46,600. g. Prepaid insurance expired during the month, $470 (60% related to production, and 40% related to selling and administration). h. Manufacturing overhead applied to production, $148,422. i. Cost of goods manufactured, $_?_. (Hint: The Work in Process balance on March 31st is $7,200.) j. Cash sales to customers, $614,000. k. Cost of goods sold (unadjusted), $_? . (Hint: The Finished Goods balance at March 31st is $6,200.) 1. Cash payments to creditors, $47,200. m. Underapplied or overapplied overhead $_? 1. Calculate the ending balances that would be reported on the company's balance sheet at March 31. (Hint: Be sure to calculate the underapplied or overapplied overhead and then account for its affect on the balance sheet.) 2. Prepare Brooks Corporation's schedule of cost of goods manufactured for the month ended March 31st 3. Prepare Brooks Corporation's schedule of cost of goods sold for the month ended March 31st 4. Prepare Brooks Corporation's income statement for the month ended March 31st Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the ending balances that would be reported on the company's balance sheet at March 31st. (Hint: Be sure to calculate the underapplied or overapplied overhead and then account for its affect on the balance sheet.) (Amounts to be deducted should be indicated by a minus sign.) Brooks Corporation Transaction Analysis For the Month Ended March 31 Work in Finished Manuf ing Raw Materials PP&E (net) Process Goods Overhead Expenses $ 22,700 $ 21,400 $ 26,600 $ 0 $ 1,880 $ 247,000 Transactions Cash Accounts Retained Payable Earnings $ 20,500 $ 384,080 $ 85.000 Beginning balances @3/1 (a) Raw material purchases (b) Raw materials used in production (c) Salaries and wages (d) Various manufacturing overhead costs (e) Depreciation (1) Various selling expenses (9) Expiration of prepaid insurance (h) Manufacturing overhead applied (i) Cost of good manufactured 10) Sales (k) Cost of goods sold (0) Payments to creditors (m) Ending balances @ 3/31 Brooks Corporation Schedule of Cost of Goods Manufactured For the Month Ended March 31 Direct materials: Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing cost to account for Cost of goods manufactured Brooks Corporation Schedule of Cost of Goods Sold For the Month Ended March 31 Brooks Corporation Income Statement For the Month Ended March 31