Evelyn Stuart started Stuart 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 Stuart 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 $10,000. 2. Purchased $415 of direct raw materials and $60 of production supplies. 3. Used $378 of direct raw materials. 4. Used 70 direct labor hours; production workers were paid $9.40 per hour. 5. Expected total overhead costs for the year to be $3,400, and direct labor hours used during the year are expected to be 1,000 hours. Calculate an overhead rate and apply the appropriate amount of overhead costs to Work in Process Inventory. 6. Paid $144 for salaries to administrative and sales staff. 7. Paid $22 for indirect manufacturing labor. 8. Paid $215 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 75 remote controls at a price of $21.60 each. Transactions for Remainder of Year 1 11. Acquired an additional $18,000 by issuing common stock. 12. Purchased $3,880 of direct raw materials and $885 of production supplies. 13. Used $2,980 of direct raw materials.12. Purchased $3,880 of direct raw materials and $885 of production supplies. 13. Used $2,980 of direct raw materials. 14. Paid production workers $9.40 per hour for 910 hours of work. 15. Applied the appropriate overhead cost to Work in Process Inventory. 16. Paid $1,557 for salaries of administrative and sales staff. 17. Paid $239 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 $12.74 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 $21.60 each. 22. Determine whether the overhead is over- or underapplied. Close the Manufacturing Overhead account to the Cost of Goods Sold ices account. 23. Close the revenue and expense accounts using one journal entry. Required a. For each of the above transactions, post the effects to the appropriate T-accounts. b-1. Prepare a schedule of cost of goods manufactured and sold for Year 1. b-2. Prepare an income statement for Year 1. b-3. Prepare a balance sheet for Year 1.For each of the above transactions, post the effects to the appropriate T-accounts. Note: Do not round intermediate calculations. Cash Common Stock Debit Credit Debit Credit 1. 10,000 475 2 10. 1,620 658 4 11 18,000 144 6. 21 18,576 215 8 1. 4,765 12. 2. 8,554 14. 3. 1,557 16. 2,400 18. 4. Ending Balance 29,428\fWork in Process Cost of Goods Sold Debit Credit Debit Credit Ending Balance 0 0 Ending Balance Finished Goods Selling and Administrative Expenses Debit Credit Debit Credit Ending Balance Ending Balance 0 0Ending Balance Finished Goods Selling and Administrative Expenses Debit Credit Debit Credit Ending Balance Ending Balance 0 Production Supplies Debit Credit Ending Balance