Check my work 7 The following trial balance was taken from the records of Benson Manufacturing Company at the beginning of Year 3: 14.32 points Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $ 9,450 780 1,280 2,160 7,800 Skipped $ 3,200 7,800 10,470 $21, 470 eBook $21,470 Print References Transactions for the Accounting Period 1. Benson purchased $6,000 of direct raw materials and $390 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $5,700 of direct raw materials had been used for production during the period. The use of indirect materials is determined at the end of the year by physically counting the supplies on hand. 2. By the end of the year, $5,310 of the accounts payable had been paid in cash. 3. During the year, direct labor amounted to 980 hours recorded in the Wages Payable account at $10.20 per hour. 4. By the end of the year, $9,096 of wages payable had been paid in cash. 5. At the beginning of the year, the company expected overhead cost for the period to be $6,180 and 1,030 direct labor hours to be worked. Overhead is allocated based on direct labor hours, which, as indicated in Event 3, amounted to 980 for the year. 6. Selling and administrative expenses for the year amounted to $920 paid in cash. 7. Utilities and rent for production facilities amounted to $4,660 paid in cash. 8. Depreciation on the plant and equipment used in production amounted to $1,540. 9. There was $11,500 of goods completed during the year. 10. There was $12,150 of finished goods inventory sold for $18,100 cash. 11. A count of the production supplies revealed a balance of $91 on hand at the end of the year. 12. Any over- or underapplied overhead is considered to be insignificant. Check my work 7 Required a. Prepare T-accounts with the beginning balances shown in the preceding list and record all transactions for the year including closing entries in the T-accounts. b. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet. 14.32 points Skipped Complete this question by entering your answers in the tabs below. eBook Req B Inc Req A Reg CGM Sched Stmt Req B Bal Sheet Print References Prepare T-accounts with the beginning balances shown in the preceding list and record all transactions for the year including closing entries in the T-accounts. Cash Accounts Payable Beg. Bal. Beg. Bal End. Bal. End. Bal Raw Materials Wages Payable Beg. Bal. Beg. Bal. Check my work 7 Raw Materials Wages Payable Beg. Bal. Beg. Bal. 14.32 points End. Bal End. Bal Skipped Manufacturing Overhead Common Stock Beg. Bal. eBook Print End. Bal. References End. Bal. 0 0 Work in Process Retained Earnings Beg. Bal. Beg. Bal. (cl) End. Bal. End. Bal. Finished Goods Sales Revenue Beg. Bal. (cl) End. Bal. 0 0 Check my work 7 End. Bal Finished Goods Sales Revenue Beg. Bal. (cl) 14.32 points End. Bal 0 Skipped End. Bal. eBook Production Supplies Cost of Goods Sold (cl) Print References End. Bal. End. Bal. 0 Property, Plant, and Equipment Selling and Administrative Expenses (cl) Beg. Bal. End. Bal. End. Bal. 0 0 Accumulated Depreciation Beg. Bal. End. Bal. Check my work 7 Required a. Prepare T-accounts with the beginning balances shown in the preceding list and record all transactions for the year including closing entries in the T-accounts. b. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet. 14.32 points Skipped Complete this question by entering your answers in the tabs below. eBook Req A Req B CGM Sched Req B Inc Stmt Req Bal Sheet Print References Prepare a schedule of cost of goods manufactured and sold. BENSON MANUFACTURING COMPANY Cost of Goods Manfactured and Sold For the Year Ended December, Year 3 Raw materials available 0 Raw materials used 0 Total manufacturing costs 0 Check my work 7 BENSON MANUFACTURING COMPANY Cost of Goods Manfactured and Sold For the Year Ended December, Year 3 14.32 points Raw materials available 0 Skipped Raw materials used 0 eBook Print Total manufacturing costs 0 References Total work in process inventory 0 Cost of goods manufactured 0 Goods available 0 Cost of goods sold 0 Check my work 7 Required a. Prepare T-accounts with the beginning balances shown in the preceding list and record all transactions for the year including closing entries in the T-accounts. b. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet. 14.32 points Skipped Complete this question by entering your answers in the tabs below. eBook Req A Req B CGM Sched Req B Inc Stmt Req B Bal Sheet Print References Prepare a balance sheet. (Amounts to be deducted should be indicated by a minus sign.) BENSON MANUFACTURING COMPANY Balance Sheet At December, Year 3 Assets Total assets $ Check my work 7 Al vecerriger, Tears Assets 14.32 points Skipped eBook Print Total assets S 0 References Liabilities Equity Total equity $