Exercise 11-14A Product cost flow and financial statements LO 11-1, 11-2, 11-3 Baird Manufacturing Company was started on January 1, 2018. The company was affected by the following events during its first year of operation: 1. Acquired $1,600 cash from the issue of common stock. 2. Paid $530 cash for direct raw materials. 3. Transferred $390 of direct raw materials to work in process. 4. Paid production employees $650 cash. 5. Paid $370 cash for manufacturing overhead costs. 6. Applied $230 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,040. 8. Sold products that cost $900 for $1,550 cash. 9. Paid $390 cash for selling and administrative expenses. 10. Made a $90 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. Complete this question by entering your answers in the tabs below. Required A Required B Record these events in a horizontal statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Required A Required B Record these events in a horizontal statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Assets Event No. Cash + Manufacturing Overhead + Raw Materials Work in Process + Finished Goods Equity Common Retained + Stock Earnings $ 1,600 + Revenue Expense = Net Income 1. $ 1,600 + + + = 2. + + + + 3. + + + + ++ 4. + + + + + 5. + + + 6. + + + + + 7. + + + + 8a. + + + + 8b. + + + + 9. + + + + + 10. + + + + + 11. + + + + | + + Total + + + Required A Required B > Required A. Required B Prepare a schedule of cost of goods manufactured and sold. BAIRD MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2018 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods available for sale Cost of goods sold