Check Walton Corporation builds sailboats. On January 1, Year 3, the company had the following account balances: $85,000 for both cash and common stock. Boat 25 was started on February 10 and finished on May 31. To build the boat, Walton had incurred cash costs of $5,300 for labor and $4,100 for materials. During the same period, Walton paid $5,790 cash for actual manufacturing overhead costs. The company expects to incur $148,500 of indirect overhead cost during Year 3. The overhead is allocated to jobs based on direct labor cost. The expected total labor cost for the year is $135,000 Walton uses a just-in-time inventory management system. Consequently, it does not have raw materials inventory. Raw materials purchases are recorded directly in the Work in Process Inventory account Required a. Use the horizontal financial statements model, to record Walton's business events. The first row shows beginning balances. b. If Walton desires to earn a profit equal to 30 percent of cost, for what price should it sell the boat? c. If the boat is not sold by year-end, what amount would appear in the Work in Process Inventory and Finished Goods Inventory on the balance sheet for Boat 25? d. Is the amount of Inventory you calculated in Requirement c the actual or the estimated cost of the boat? Complete this question by entering your answers in the tabs below. Required Required B Required Required D Use the horizontal financial statements model, to record Walton's business events. The first row shows beginning balances. (Do not round Intermediate calculations Enter any decreases to account balances with a minus sign) Income Statement Balance Sheet Assets Work in Finished Manufacturing Process Goods Overhead Cash Equity Common Retained Stock tarrings 85,000 + Havenue - Expense Net Income 85.000 - Prev 1 of 2 !!! Next > Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Use the horizontal financial statements model, to record Walton's business events. The first row shows beginning balances. (Do not round Interm Enter any decreases to account balances with a minus sign.) Balance Sheet Assets Work in Finished Manufacturing Process Goods Overhead Income Statement Cash 5.000 Equity Common Retained + Stock earnings 85.000 Revenue - Expense - Net Income +++++ + + + + + + 85.000 . ol ol 85.000 0 0 Hoquired A. Required B > labor cost. The expected total labor cost for the year is $135,000 Walton uses a just-in-time Inventory management system. Consequently, it does not have raw materials inventory. Raw materials purchases are recorded directly in the Work in Process Inventory account. Required a. Use the horizontalnancial statements model, to record Walton's business events. The first row shows beginning balances. b. If Walton desires to earn a profit equal to 30 percent of cost, for what price should it sell the boat? c. If the boat is not sold by year-end, what amount would appear in the Work In Process Inventory and Finished Goods Inventory on the balance sheet for Boat 25? d. Is the amount of inventory you calculated in Requirement c the actual or the estimated cost of the boat? Complete this question by entering your answers in the tabs below. Required A Required B Required c Required D If Walton desires to earn a profit equal to 30 percent of cost, for what price should It sell the boat? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Desired price Check Walton Corporation builds sailboats. On January 1, Year 3, the company had the following account balances: $85,000 for both cash and common stock. Boat 25 was started on February 10 and finished on May 31. To build the boat, Walton had incurred cash costs of $5,300 for labor and $4,100 for materials. During the same period, Walton paid $5,790 cash for actual manufacturing overhead costs. The company expects to incur $148,500 of indirect overhead cost during Year 3. The overhead is allocated to jobs based on direct labor cost. The expected total labor cost for the year is $135,000 Walton uses a just-in-time inventory management system. Consequently, it does not have raw materials inventory. Raw materials purchases are recorded directly in the Work in Process Inventory account Required a. Use the horizontal financial statements model, to record Walton's business events. The first row shows beginning balances. b. If Walton desires to earn a profit equal to 30 percent of cost, for what price should it sell the boat? c. If the boat is not sold by year-end, what amount would appear in the Work in Process Inventory and Finished Goods Inventory on the balance sheet for Boat 25? d. Is the amount of Inventory you calculated in Requirement c the actual or the estimated cost of the boat? Complete this question by entering your answers in the tabs below. Required Required B Required Required D Use the horizontal financial statements model, to record Walton's business events. The first row shows beginning balances. (Do not round Intermediate calculations Enter any decreases to account balances with a minus sign) Income Statement Balance Sheet Assets Work in Finished Manufacturing Process Goods Overhead Cash Equity Common Retained Stock tarrings 85,000 + Havenue - Expense Net Income 85.000 - Prev 1 of 2 !!! Next > Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Use the horizontal financial statements model, to record Walton's business events. The first row shows beginning balances. (Do not round Interm Enter any decreases to account balances with a minus sign.) Balance Sheet Assets Work in Finished Manufacturing Process Goods Overhead Income Statement Cash 5.000 Equity Common Retained + Stock earnings 85.000 Revenue - Expense - Net Income +++++ + + + + + + 85.000 . ol ol 85.000 0 0 Hoquired A. Required B > labor cost. The expected total labor cost for the year is $135,000 Walton uses a just-in-time Inventory management system. Consequently, it does not have raw materials inventory. Raw materials purchases are recorded directly in the Work in Process Inventory account. Required a. Use the horizontalnancial statements model, to record Walton's business events. The first row shows beginning balances. b. If Walton desires to earn a profit equal to 30 percent of cost, for what price should it sell the boat? c. If the boat is not sold by year-end, what amount would appear in the Work In Process Inventory and Finished Goods Inventory on the balance sheet for Boat 25? d. Is the amount of inventory you calculated in Requirement c the actual or the estimated cost of the boat? Complete this question by entering your answers in the tabs below. Required A Required B Required c Required D If Walton desires to earn a profit equal to 30 percent of cost, for what price should It sell the boat? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Desired price