Campbell Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut into chair parts in the cutting department, which transfers the parts to the assembly department for completion. The company sells the unfinished chairs to hobby shops. The following transactions apply to Campbell's operations for its first year, 2018. (Assume that all transactions are for cash unless otherwise stated.) 1. The company was started when it acquired a $130,000 cash contribution from the owners. 2. The company purchased $33,000 of direct raw materials and $1,000 of indirect materials. Indirect materials are capitalized in the Production Supplies account. 3. Direct materials totaling $13,000 were issued to the cutting department. 4. Labor cost was $51,400. Direct labor for the cutting and assembly departments was $19,000 and $24,000, respectively. Indirect labor costs were $8,400. 5. The predetermined overhead rate was $0.50 per direct labor dollar in each department. 6. Actual overhead costs other than indirect materials and indirect labor were $12,900 for the year. 7. The cutting department transferred $23,000 of inventory to the assembly department. 8. The assembly department transferred $41,000 of inventory to finished goods. 9. The company sold inventory costing $36,000 for $62,000. 10. Selling and administrative expenses were $4,000. 11. A physical count revealed $200 of production supplies on hand at the end of 2018. 12. Assume that over- or underapplied overhead is insignificant. Required: a. Record the data in T-accounts. b. Record the closing entry for over- or underapplied manufacturing overhead, assuming that the amount is insignificant. c. Close the revenue and expense accounts. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2018. to C Reg A to C Reg D CGM Sched Reg DCSM Reg D Inc Reg Dine Reg D Bal Sheet Reads Record the data in T-accounts. Record the closing entry for over- or underapplied manufacturing overhead, assuming that the amount is insignificant. Close the revenue and expense accounts. Cash Common Stock End, bel. End. bal. Raw Materials Retained Earnings End. bal. End. bal. Manufacturing Overhead Revenue End, bel. End. bal. Work in process Cutting Cost of Goods Sold Work in process Assembly Selling & Administrative Expenses End, bal Finished Goods Production Supplies Complete this question by entering your answers in the tabs below. Req A to C Reg D CGM Sched Reg D Inc Reg D Bal Sheet Stmt Prepare a schedule of cost of goods manufactured and sold for 2018. CAMPBELL CORPORATION Cost of Goods Manufactured and Sold for 2018 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available Cost of goods sold Req A to C Req D Inc Stmt> Req A to C Reg D CGM L Sched Req D Inc Stmt Reg D Bal Sheet Prepare an income statement for 2018. CAMPBELL CORPORATION Income Statement for 2018 Req A to C Reg D CGM Sched Reg D Inc Stmt Reg D Bal Sheet Prepare a balance sheet for 2018. CAMPBELL CORPORATION Balance Sheet for 2018 Assets Total assets Equity Total equity Req A to C Reg D CGM L Sched Req D Inc Stmt Reg D Bal Sheet Prepare an income statement for 2018. CAMPBELL CORPORATION Income Statement for 2018 Req A to C Reg D CGM Sched Reg D Inc Stmt Reg D Bal Sheet Prepare a balance sheet for 2018. CAMPBELL CORPORATION Balance Sheet for 2018 Assets Total assets Equity Total equity
