Fanning Manufacturing started in Year 2 with the following account balances: Transactions during Year 2 1. Purchased $2,970 of raw materials with cash. 2. Transferred $3.770 of raw materials to the production department: 3. Incurred and paid cash for 180 hours of direct labor a $15.00 per hour, 4. Applied overhead costs to the Work in Process Inventory account. The predetermined overhead rate is $16.10 per direct labor hour. 5. Incurred actual overhead costs of $3,000 cash (HINT: recall this is the omount thot will appear on the schedule of CGM and CGS), 6. Completed work on 1,290 units for $5,90 per unit. 7. Paid $1,170 in selling and administrative expenses in cash. 8. Sold 1,290 units for $10,300 cash revenue (ossume FiFO cost fow). 9. Fanning charges overapplied or underapplied overheod directly to Cost of Goods Sold. Required " a. Record the preceding events in a horizontal statements model. The beginning batances are shown as an example. b. Prepare a schedule of cost of goods manufoctured and sold, an income statement, and a balance sheet for Year 2. Complete this question by entering your answers in the tabs below. Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. . Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 2 . Complete this question by entering your answers in the tabs below