Fanning Modems, Inc. acquired a subsidiary named Anywhere, Inc. (Al). Al manufactures a wireless modem that enables users to access the Internet through cell phones. The following trial balance was drawn from the accounts of the subsidiary. Cash $193,200 Raw materials inventory Work in process inventory 3,860 5,800 Finished goods inventory Common stock Retained earnings Totals 6,770 $124,620 85,010 $209,630 $209,630 The subsidiary completed the following transactions during Year 2. 1. Paid $57,970 cash for direct raw materials. 2. Transferred $48,310 of direct raw materials to work in process. 3. Paid production employees $77,300 cash. 4. Applied $51,210 of manufacturing overhead costs to work in process. 5. Completed work on products that cost $157,490. 6. Sold products that cost $138,160 for $175,850 cash. Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b. 7. Paid $19,330 cash for selling and administrative expenses. 8. Actual overhead costs paid in cash amounted to $53,150. 9. Closed the Manufacturing Overhead account. The amount of over- or underapplied overhead was insignificant (immaterial). 10. Made a $4,820 cash distribution to the owners. Required a. For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. c. Prepare an income statement and a balance sheet. Complete this question by entering your answers in the tabs below. Req A Req B Reg C Inc Stmt Req C Bal Sheet For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Balance Sheet Income Statement Equity Revenue Expense Net Income Work in Process +$ 3,880 +$5,800 Finished Common Goods Stock $6,770 = $124,620 + Retained Earnings $ 85,010 Assets Event No. Beg. Bal. $193,200+ Cash Manufacturing Overhead + Raw Materials 1. + 2. 3. 4. + 5. 5a 6b 7. 8. 9. 10 Total $193,200 +$ + + + + + = 0S 3,850 $5,000 $6,770 = $124,620 $85,010 $ 0-$ 0=$ 0 Prepare a schedule of cost of goods manufactured and sold. ANYWHERE, INC. Schedule of Cost of Goods Manufactured and Sold For Year Ended December, 31 Year 2 Raw materials available for use Direct 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 0 0 0 0 0 0 $ 0