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 $2,000 cash from the issue of common stock. 2. Paid $600 cash for direct raw materials. 3. Transferred $400 of direct raw materials to work in process. 4. Paid production employees $600 cash. 5. Paid $300 cash for manufacturing overhead costs. 6. Applied $245 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,000. 8. Sold products that cost $800 for $1,400 cash. 9. Paid $400 cash for selling and administrative expenses. 10. Made a $50 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required: a. Record these events in a horizontal statements model. b. Prepare a schedule of cost of goods manufactured and sold.