Check my work Munoz Manufacturing Corporation was started with the issuance of common stock for $75,000. It purchased $7,100 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.) Job 1 Job 2 Job 3 Total Direct Raw Materials Used Direct Labor $ 900 $ 2,100 2,100 3,900 3, eee 2,100 $6,000 $ 8,100 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 $10,470 cash. Munoz paid $600 for selling and administrative expenses. Actual factory overhead was $6.170. 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. Check my work 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. Req A and c Req D CGM Sched Req 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 amount is insignificant. The first event for Year 1 has been recorded as an example. (Record each item separately. Enter costs of each job with a minus sign.) Assets Raw Material Manufacturing Overhead Cash + + Work In Process Finished Goods Equity Common Retained Stock Earnings 75,000 Revenue Expense = Net Income 75,000 + + + Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate co 0 0 MUNOZ MANUFACTURING CORPORATION Cost of Goods Manufactured and sold for Year 1 Beginning raw materials inventory Purchases Raw materials available Ending raw materials inventory Raw materials used Labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Total work in process inventory Ending work in process inventory Cost of goods manufactured Beginning finished goods Goods available Ending finished goods Cost of goods sold $ 0 0 0 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Req A and C Req D CGM Sched Req D Inc Stmt Reg D Bal Sheet Prepare an income statement for Year 1. MUNOZ MANUFACTURING CORPORATION Income Statement for Year 1 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses 0 Net income $ 0 Reg A and C Reg D CGM Sched Reg D Inc Stmt Reg D Bal Sheet Prepare a balance sheet for Year 1. MUNOZ MANUFACTURING CORPORATION Balance Sheet for Year 1 Assets Cash Finished goods inventory Raw material inventory Work in process inventory $ 0 Total assets Equity Common stock Retained earnings Total equity $ 0