Check The following information applies to Job 730 completed by Gibson Manufacturing Company during the month of October. The amount of labor cost for the job was $73,950. Applied overhead amounted to $104,000. The project was completed and delivered to Hudson Company at a contract price of $306,000. Gibson recognized a gross profit of $49,400 on the job, Required Determine the amount of raw materials used to complete Job 730. Amount of raw materials a. Prepare the December 31, Year 1, balance sheet. b. Prepare the December 31, Year 1, income statement Complete this question by entering your answers in the tabs below. Required A Required B Prepare the December 31, Year 1, balance sheet. ZACHARY MANUFACTURING COMPANY Balance Sheet for Year 1 Assets Total assets Equity Total equity f Required B a. Prepare the December 31, Year 1, balance sheet. b. Prepare the December 31, Year 1, income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the December 31, Year 1, Income statement. ZACHARY MANUFACTURING COMPANY Income Statement for Year 1