Gibson Manufacturing started in Year 2 with the following account balances. Transactions during Year 2 1. Purchased $2,940 of raw materials with cash. 2. Transferred $3,820 of raw materials to the production department. 3. Incurred and paid cash for 190 hours of direct labor 9$15.40 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 $3,200 cash. 6. Completed work on 1,200 units for $5.50 per unit. 7. Paid $1,170 in selling and administrative expenses in cash. 8. Sold 1,200 units for $10,400 cash revenue (assume FIFO cost flow). 9. Gibson charges overapplied or underapplied overhead directly to Cost of Goods Sold. Required a. Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. b-1. Prepare a schedule of cost of goods manufactured and sold for Year 2. b.2. Prepare an income statement for Year 2. b-3. Prepare a balance sheet for Year 2 . Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. Note: Enter decreases to account balances with a minus sign. Prenare a schedule of cost of aoods manufactured and solo GIBSON MANUFACTURING COMPANY Income Statement For the Year Ended December, Year 2 b-3. Prepare a balance sheet for Year 2. Complete this question by entering your answers in the tabs b Prepare a balance sheet for Year 2