Evelyn Campbell started Campbell 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 Campbell Manufacturing Company during its first year of operation. (Assume that all transactions are cash transactions unless otherwise stated) Transactions for January 2018, First Month of Operation 1. Issued common stock for $10,000. 2. Purchased $430 of direct raw materials and $65 of production supplies. 3. Used $248 of direct raw materials. 4. Used 80 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 Vork in Process Inventory 6. Paid $144 for salaries to administrative and sales staff 7. Paid $21 for indirect manufacturing labor 8. Paid $205 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. 0. Sold 75 remote controls at a price of $21.4 each Transactions for Remainder of 2018 11. Acquired an additional $18,000 by issuing common stock. 12. Purchased $3,890 of direct raw materials and $905 of production supplies. 13. Used $3,000 of direct raw materials. 14. Paid production workers $9.60 per hour for 890 hours of work 15. Applied the appropriate overhead cost to Work in Process Inventory 16. Paid $1,550 for salaries of administrative and sales staff 17. Paid $236 of indirect manufacturing labor cost. 18. Paid $2,390 for rental and utility costs on the manufacturing facilities 19. Transferred 950 additional remote controls that cost $12.72 each from the Work in Process Inventory account to the Finished Goods Inventory account 20. Determined that $169 of production supplies was on hand at the end of the accounting period 21. Sold 860 remote controls for $21.40 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 2018. Complete this question by entering your answers in the tabs below. Req B CGM Req B Inc Sched Req B Bal Sheet Req A Stmt ces Prepare a schedule of cost of goods manufactured and sold for 2018. (Do not round intermediate calculations.) CAMPBELL MANUFACTURING COMPANY Cost of Goods Manufactured and Sold For the Year, 2018 Beginning raw materials inventory Beginning raw materials inventory Raw materials available Ending raw materials inventory Raw materials used 0 Labor Total manufacturing costs Beginning work in process inventory es Total work in process inventory Ending work in process inventory Cost of goods manufactured Beginning finished goods inventory Goods available for sale 0 Ending finished goods inventory Cost of goods sold 0 Complete this question by entering your answers in the tabs below. Req B CGM Req B IncReq B Bal Stmt Req A Sched Sheet Prepare an income statement for 2018. (Do not round intermediate calculations.) Do not round intermediate calculations. CAMPBELL MANUFACTURING COMPANY Income Statements For the Year, 2018 Sales revenue Cost of goods sold Gross margin Selling and administrative expense Net income Prepare a balance sheet for 2018. (Do not round intermediate calculations.) CAMPBELL MANUFACTURING COMPANY Balance Sheets At the year ended 2018 Assets Cash Raw materials inventory Work in process inventor Finished goods inventory Total assets 0 Equity Common stock Retained earnings Total equity