Conway Manufacturing Company was started on January 1, 2014. The company was affected by the following events during its first year of operation. 1. Acquired $1,700 cash from the issue of common stock 2. Paid $510 cash for direct raw materials. 3. Transferred $380 of direct raw materials to work in process. 4. Paid production employees $640 cash 5. Paid $380 cash for manufacturing overhead costs. Applied $200 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,020. 8. Sold products that cost $820 for $1,570 cash. 9. Paid $350 cash for selling and administrative expenses. 10. Made a $90 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required: a. Record these events in a horizontal statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Assets Equity Manufacturing Overhead Finished + Goods Work in + Process Common Retained Event No. Raw + Materials Net Revenue -Expense Cash+ Stock Earnings Income 1,700 1 1,700 2. + + 3. + + + 4. + + + 5. + + + 6. + + + 7. + + + 8. + + 8b +1 9. + 10. + 11 + + $ Total 1,700 0 +$ 0 $ 0 $1,700 $ $ $ 0 0 0 O b. Prepare a schedule of cost of goods manufactured and sold. CONWAY MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods available for sale Cost of goods sold