Fanning Manufacturing Company was started on January $1,$ Year $1.$ The company was affected by the following events during its first year of operation.

Acquired $$1,900$ cash from the issue of common stock.

Paid $$540$ cash for direct raw materials.

Transferred $$430$ of direct raw materials to work in process.

Paid production employees $$630$ cash.

Paid $$380$ cash for manufacturing overhead costs.

Applied $$230$ of manufacturing overhead costs to work in process.

Completed work on products that cost $$1,060.$

Sold products that cost $$870$ for $$1,600$ cash.

Paid $$350$ cash for selling and administrative expenses.

Made a $$90$ cash distribution to the owners.

Closed the Manufacturing Overhead account.

Required

Record these events in a horizontal statements model. The first event is shown as an example.

Prepare a schedule of cost of goods manufactured and sold.