Franklin Manufacturing Corporation was started with the issuance of common stock for $$80,000.$ It purchased $$6,600$ 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.$)$

Direct Raw Materials Used Direct Labor

Job $1$ $ $900$ $ $2,100$

Job $21,9003,700$

Job $32,9002,100$

Total $ $5,700$ $ $7,900$

Factory overhead is applied using a predetermined overhead rate of $$0\mathrm{.}60$ per direct labor dollar. Jobs $2$ and $3$ were completed during the period and Job $3$ was sold for $$10,060$ cash. Franklin paid $$400$ for selling and administrative expenses. Actual factory overhead was $$5,140.$

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 $1.$