Finch Manufacturing Corporation was started with the issuance of common stock for $55,000. It purchased $7,600 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Factory overhead is applied using a predetermined overhead rate of $0.70 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,060 cash. Finch paid $500 for selling and administrative expenses. Actual factory overhead was $5,550. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d-1. Prepare a schedule of cost of goods manufactured and sold for Year 1. d-2. Prepare an income statement for Year 1. d-3. Prepare a balance sheet for Year 1. Return to