Check 1 Zachary Manufacturing Corporation was started with the issuance of common stock for $50,000. It purchased $7,000 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated) web Job 2 Job Total or Materiais de 11,200 2,200 2.000 16.200 Direct Labor 1 1,900 4.000 1.900 $7,000 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 $10.540 cash Zachary paid $700 for selling and administrative expenses. Actual factory overhead was $5,080. Required a. Record the preceding events in a horizontal statements model The first event for Year 1 has been recorded as an example c. Record the closing entry for over or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Your 1 Complete this question by entering your answers in the tabs below. Req A and C Reg 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 horizo amount is insignificant. The first event for Year 1 has been recorded as an example (Record each item separately. Enter costs of each job individually Prow 1 of Neyt Check my word 1 Reg D CGM Sched Red A and e Tec Stut Rego Bal Record the preceding events in a horizontal statements model. Record the closing entry for over- or underappled manufacturing overhead in the horontal statements motel, assuming th amount is insignificant. The first event for Year 1 has been recorded as an example. (Record each item separately. Enter costs of each job individually Enter any decreases to account with a minussion Assets Raw Material Cath Manufacturing Overhead Work in Process Finished Goods Equity Common Retained So Earnings 30.000 Expense Net Income 50.000 (7.0001 7.000 11.2003 222001 2.00 1.2001 2 2001 2,000 (1.300) 1.000) 11.000) 1,900 4,00011 1.000 10.1401 - 10.140 46.2003 10140 (6.2003 6.2009 Dashboard 10 DD Current Students connect Accoun OWOOK !!! As V Available Tests Served Chap 12 Problems 1 Rea A and Reg DCGM Sched Reg D Inc St Reg Dal Sheet Prepare a schedule of cost of goods manufactured and sold for Year 1. 20 points Polerende ZACHARY MANUFACTURING CORPORATION Cost of Goods Manufactured and sold for Year 1 Beginning tiw materials inventory $ D Purchases 7.000 Raw materials va tabia 7.000 Ending raw materiale inventory (800) Raw materials used 6.200 Labor 7,600 Manufacturing overhead 5,080 Total manufacturing costs 19,080 Beginning work in process inventory 0 Total work in process inventory 19,080 Ending work in process inventory 7,800 Cost of goods manufactured 11,280 Beginning finished goods 0 Goods avaiablo 11.280 Ending finished goods Cost of goods sold $ 11,280 Chap 12 Problems Sava 1 Complete this question by entering your answers in the tabs below. 20 points Reg A and C Reg D CGM Sched Reg D Inc Stmt Reg D Bal Sheet eBook Prepare an income statement for Year 1. References ZACHARY MANUFACTURING CORPORATION Income Statement for Year 1 sales revenue $ Cost of goods sold Gross margin Selling and administrative expenses 10.140 10.140 700 Net Income $ 9,440 1 Complete this question by entering your answers in the tabs below. 20 points Reg A and Reg D CGM Sched Reg D Inc Stmt Reg D Bal Sheet eBook Prepare a balance sheet for Year 1 References ZACHARY MANUFACTURING CORPORATION Balance Sheet for Year 1 Assets Cash Finished goods inventory Raw material inventory Work in process inventory $ 0 Total assets Equity Retained earnings Common stock Total equity $