Exercise 12-9A (Algo) Process cost system LO 12-2, 12-3 Finch Manufacturing Company started operations on January 1, Year 1. During Year 1, the company engaged in the following transactions. Issued common stock for $75,000. Paid $32,000 cash to purchase raw materials used to make products. Transferred $24,000 of raw materials to the production department. Paid $27,000 cash for labor used to make products. Paid $42,000 cash for overhead costs (assume actual and estimated overhead are the same). Finished work on products that cost $82,000 to make. Sold products that cost $69,000 to make for $90,500 cash. Required Prepare the December 31, Year 1, balance sheet. Prepare the December 31, Year 1, income statement