Eminence Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut into chalr parts in the cutting department, which transfers the parts to the assembly department for completion. The company sells the unfinished chairs to hobby shops. The list of beginning balances are given below. Cash Raw materials Work in process cutting Work in process assembly Finished goods Production supplies Common stock Retained earnings $ 24, eee 8,000 9,500 11,500 2, eee 100 47,00 8,100 The transactions for the second year of operation (2019) are described here. (Assume that all transactions are cash transactions unless otherwise indicated.) 1. The company purchased $10,000 of direct raw materials and $650 of Indirect materials. Indirect materials are capitalized in the Production Supplies account 2. Materials totaling $7,250 were issued to the cutting department. 3. Labor cost was $23,500. Direct labor for the cutting and assembly departments was $11,000 and $10,000, respectively. Indirect labor costs were $2,500. (Note: Assume that sufficient cash is available when periodic payments are made. These amounts represent summary data for the entire year and are not presented in exact order of collection and payment.) 4. The predetermined overhead rate was $0.50 per direct labor dollar in each department. 5. Actual overhead costs other than Indirect materials and indirect labor for the month were $7,300. 6. The cutting department transferred $15,500 of Inventory to the assembly department. 7. The assembly department transferred $30,500 of Inventory to finished goods. 8. The company sold Inventory costing $17,500 for $32,000. 9. Selling and administrative expenses were $4,200. 10. At the end of 2019, $150 of production supplies was on hand. 11. Assume that over- or underapplied overhead Is Insignificant. a. Record the data in T-accounts. b. Record the closing entry for over- or underapplied manufacturing overhead, assuming that the amount is insignificant. c. Close the revenue and expense accounts. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2019. Complete this question by entering your answers in the tabs below. Req A toc Reg DCOM Reg D Inc Reg D Bal Sched Stmt Sheet Record the data in T-accounts. Record the closing entry for over- or underapplied manufacturing overhead, assuming that the amount is insignificant. Close the revenue and expense accounts. Cash Common Stock Beg. bal Beg. bal 24,000 410,000 32.000 650 End. bal. 7.300 4,200 23,500 10.350 End. bal. 400.000 Raw Materials Retained Earnings Beg. bal. Beg. bal. CI End. bal. End. bal. Manufacturing Overhead Sales Revenue Beg. bal. Beg. bal. CI End. bal. 0 0 End. bal. 0 Work in process Cutting Cost of Goods Sold Beg bal. Beg. bal. CI End. bal. 0 0 End. bal. Work in process Assembly Selling & Administrative Expenses Beg. bal. Beg. bal. CI End, bal. O 0 End. bal. Finished Goods Beg. bal. Production Supplies Beg. bal. End. bal. Reg A to C Req D CGM Sched >