Evelyn Adams started Adams Manufacturing Company to make a universal television remote control device that she had invented. The company's labor force consisted of part-time employees. The following accounting events affected Adams Manufacturing Company during its first year of operation. (Assume that all transactions are cash transactions unless otherwise stated) Transactions for January Year 1. First Month of Operation 1. Issued common stock for $9,500. 2. Purchased $415 of direct raw materials and $55 of production supplies. 3. Used $376 of direct raw materials. 4. Used 70 direct labor hours; production workers were paid $9.60 per hour 5. Expected total overhead costs for the year to be $3,200, and direct labor hours used during the year to be 1,000. Calculate an overhead rate and apply the appropriate amount of overhead costs to Work in Process Inventory. 6. Paid $142 for salaries to administrative and sales staff 7. Paid $22, for indirect manufacturing labor 8. Paid $200 for rent and utilities on the manufacturing facilities. 9. Started and completed 100 remote controls during the month: all costs were transferred from the Work in Process Inventory account to the Finished Goods Inventory account 10. Sold 70 remote controls at a price of $21.20 each Transactions for Remainder of Year 1 11. Acquired an additional $18,000 by issuing common stock 12. Purchased $3.900 of direct raw materials and $930 of production supplies. 13. Used $3,020 of direct raw materials. 14. Paid production workers $9.60 per hour for 900 hours of work 15. Applied the appropriate overhead cost to Work in Process Inventory. 16. Paid $1.556 for salaries of administrative and sales staff 17. Paid $238 of indirect manufacturing labor cost 18. Paid $2,400 for rental and utility costs on the manufacturing facilities 19. Transferred 900 additional remote controls that cost $12.72 each from the Work in Process Inventory account to the Finished Goods Inventory account 20. Determined that $168 of production supplies was on hand at the end of the accounting period 21. Sold 840 remote controls for $21.20 each 22. Determine whether the overhead is over- or underapplied. Close the Manufacturing Overhead account to the Cost of Goods Sold account 23. Close the revenue and expense accounts Required a. For each of the above transactions, post the effects to the appropriate T-accounts b. 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. Req B CGM Req A Sched Req B Inc Sent Req & Bal Sheet For each of the above transactions, post the effects to the appropriate T-accounts. (Do not round intermediate calculations.) Cash Common Mock