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Can steps a-d be completely solved. Lehigh Manufacturing Corporation was started with the iscuance of common stock for 560,000. It purchased $14,000 of raw materials

Can steps a-d be completely solved.image text in transcribed

Lehigh Manufacturing Corporation was started with the iscuance of common stock for 560,000. It purchased $14,000 of raw materials and worked on three job orders during 2019 for which data follow. (Assume that all transactions are for cash unles otherwise indicated.) CHECK FIGURE d COGM: $29,700 Nl: $6,300 Job 1 Job 2 Job 3 Total Direct Raw Materials Used S 2,800 4,000 6.000 Direct Labor S 6,000 8,000 4.000 Page 570 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $20,000 cash. Lehigh paid $800 for velling and administrative expenses. Actual factory overhead was $11,300. Required a. Record the preceding events in a horizontal statements model. The first event for 2019 has been recorded as an example. ASSOts Equity Cash + Raw M. + MOH + wlP + F, Goods C. Stk. + Ret. Ear. Rev. - Exp. .; Net Inc. S60,000+NA NA+NA +NA $60,000NA NANA NA b. Reconcile all subaidiary accounts with theiri tespective control accounts. c. Record the closing entry for over-or underapplicd manufacturing overhcad in the horizontal statements model, assuming that the amount is insignificant d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2019 LO 12-2

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