Cheg 2 Perez Construction Company began operations on January 1 Year 1, when it acquired 518,000 cash from the issuance of common stock During the year, Perez purchased $2,800 of direct raw materials and used $2,700 of the direct materials. There were 110 hours of direct labor worked at an average rate of 57 per hour paid in cash. The predetermined overhead rate was $3.00 per direct labor hout. The company started construction on three prefabricated buildings. The job cost sheets reflected the following allocations of costs to each building Direct Materials Direct Labor Hours Jon $ 600 26 Job 2 1.100 Job 1.000 30 15 eBook ferences The company paid $71 cash for indirect labor costs. Actual overhead cost paldin cash other than indirect labor was $247. Perez completed Jobs 1 and 2 and sold Job 1 for $1.480 cash. The company incurred $340 of selling and administrative expenses that were paid in cash. Over or underapplied overhead is closed to Cost of Goods Sold 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. Reg A and C Reg D CGM Sched Reg D Inc Stmt Reg Dat Sheet Prepare a schedule of cost of goods manufactured and sold for Year 1. Sev Chap 12 Problems Help Save & Exit Sutimit Check my work 2 Reg A and Sched Stmt Sheet Record the preceding events in a horizontal statements model. Record the closing entry for over or underapplied manufacturing overhead in the horizontal stateme amount is insignificant. The first event for Year 1 has been recorded as an example. (Record each cost category for the jobs in total When entering cost cata, per raw materials, direct labor, and manufacturing overhead respectively into one entry for each job. Enter any decreases to account balances with a minsan 20 points WOD Assets Raw Materials Cash Manufacturing Overhead Work in Process Finished Goods Equity Common Retained Stock Earnings 18.000 Revenue Expenses - Net focome 18.000 (2.400) 2.000 (2,700) 0770 2,700 7701 3301 (330) 14,450 (330) 100 3.800! . 18.000 ME Graw HII M Graw HII Chap 12 Problems Seved Help 2 Reg A and Reg D CGM Sched Reg D Inc Stmt Reg DBA Sheet 20 points oor Prepare a balance sheet for Year 1. PEREZ CONSTRUCTION COMPANY Balance Sheet for Year 1 Assets Cash Work in process inventory Finished goods inventory Ruw materials inventory References $ 0 Total assets Equity Common stock Retained earrings Total quity (Reg D Inc Stmt Mc 11
