Campbell Construction Company began operations on January 1, Year 1, when it acquired $16,000 cash from the issuance of common stock. During the year, Campbell purchased $2,700 of direct raw materials and used $2,400 of the direct materials. There were 104 hours of direct labor worked at an average rate of $8 per hour paid in cash. The predetermined overhead rate was $3.00 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 Materials			Direct Labor Hours
Job 1	$	500		28
Job 2		1,000		46
Job 3		900		30

The company paid $59 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $243. Campbell completed Jobs 1 and 2 and sold Job 1 for $1,498 cash. The company incurred $150 of selling and administrative expenses that were paid in cash. Over- or underapplied overhead is closed to Cost of Goods Sold.

Required

1. a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example.

2. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant.

3. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.

Reg A and C Req 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 Assets Raw Materials Cash Manufacturing Overhead Work In Process Finished Goods Equity Common Retained Stock Earnings 16,000+ Revenue Expenses = Net Income 16,000 + + + = + + +1 + + + + + + + + + + + + 16,000 + 0 0 + 0 + 0 = 16.000 + Reg Aand Reg D CGM Sched > Complete this question by entering your answers in the tabs below. Req A and C Req D CGM Sched Reg D Inc Stmt Reg D Bal Sheet Prepare a schedule of cost of goods manufactured and sold for Year 1. CAMPBELL CONSTRUCTION COMPANY Cost of Goods Manufactured and sold for Year 1 Raw materials available 0 Raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Goods available for sale 0 Cost of goods sold $ 0 Complete this question by entering your answers in the tabs below. Reg A and C Req D CGM Sched Req D Inc Stmt Reg D Bal Sheet Prepare an income statement for Year 1. CAMPBELL CONSTRUCTION COMPANY Income Statement for Year 1 $ Complete this question by entering your answers in the tabs below. Reg A and C Reg D CGM Sched Reg D Inc Stmt Req D Bal Sheet Prepare a balance sheet for Year 1. a CAMPBELL CONSTRUCTION COMPANY Balance Sheet for Year 1 Assets $ 0 Total assets Equity Total equity $ 0