Check my work 1 Rundle Manufacturing Corporation was started with the issuance of common stock for $75,000. It purchased $7,300 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.) 20 points Direct Raw Materials Used Direct Labor $ 900 $ 2,000 2,300 4,000 3,100 $6,300 $ 7,800 Job 1 Job 2 Job 3 Total eBook 1,800 References Factory overhead is applied using a predetermined overhead rate of $0.70 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,460 cash. Rundle paid $300 for selling and administrative expenses. Actual factory overhead was $5,960. 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 insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Reg A and C Req D CGM Sched Reg D Inc Stmt Req 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, assum 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 minus sign.) Assets Raw Material Cash Manufacturing Overhead + + Work In Process + Finished Goods Equity Common Retained Stock Earnings 75,000 + Revenue Expense = Net Income 75,000 + + + = + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 75,000 + 75,000 + + + + + + + + + + T + + + T + T + + T + + + + + + T + + T + + + + T + + + + + T + + + + + + + + + + + + + + + + + + + + - 75,000 + +10 +10 01 + 0 = 75,000 + 0 0 0 = 0 Reg 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. RUNDLE MANUFACTURING CORPORATION 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 0 Cost of goods sold $ 0 1 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 insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1. 20 points eBook Complete this question by entering your answers in the tabs below. References Reg A and C Req D CGM Sched Reg D Inc Stmt Req D Bal Sheet Prepare an income statement for Year 1. RUNDLE MANUFACTURING CORPORATION Income Statement for Year 1 0 $ 0 Complete this question by entering your answers in the tabs below. 20 points Req A and C Reg D CGM Sched Reg D Inc Stmt Reg D Bal Sheet eBook Prepare a balance sheet for Year 1. References RUNDLE MANUFACTURING CORPORATION Balance Sheet for Year 1 Assets Total assets $ 0 Equity Total equity $ 0
