Gibson Modems, Inc acquired a subsidiary named Anywhere, Inc (AI) AI 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 $ 182,300 Raw materials inventory 3,640 Work in process inventory 5,470 Finished goods inventory 6,380 Common stock $ 117,580 Retained earnings 80,210 Totals $ 197,790 $ 197,790 The subsidiary completed the following transactions during Year 2 Paid $54,690 cash for direct raw materials Transferred $45,580 of direct raw materials to work in process Paid production employees $72,930 cash Applied $48,310 of manufacturing overhead costs to work in process Completed work on products that cost $148,570 Sold products that cost $130,340 for $165,900 cash Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b Paid $18,230 cash for selling and administrative expenses Actual overhead costs paid in cash amounted to $50,120 Closed the Manufacturing Overhead account The amount of over or underapplied overhead was insignificant (immaterial) Made a $4,540 cash distribution to the owners Required For Anywhere, Inc , record the events in a financial statements model The first event is shown as an example Prepare a schedule of cost of goods manufactured and sold Prepare an income statement and a balance sheet Complete this question by entering your answers in the tabs below Req A Req B Req 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 Assets Equity Revenue Expense Net Income Event No Cash Manufacturing Overhead Raw Materials Work in Process Finished Goods Common Stock Retained Earnings Beg Bal $182,300 $3,640 $5,470 $6,380 $117,580 $80,210 1 2 3 4 5 6a 6b 7 8 9 10 Total

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Gibson Modems, Inc. acquired a subsidiary named Anywhere, Inc. (AI). AI manufactures a wireless modem that enables users to access the Internet through cell phones.

Gibson Modems, Inc. acquired a subsidiary named Anywhere, Inc. (AI). AI 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	$	182,300
Raw materials inventory		3,640
Work in process inventory		5,470
Finished goods inventory		6,380
Common stock			$	117,580
Retained earnings				80,210
Totals	$	197,790	$	197,790

The subsidiary completed the following transactions during Year 2.

Paid $54,690 cash for direct raw materials.
Transferred $45,580 of direct raw materials to work in process.
Paid production employees $72,930 cash.
Applied $48,310 of manufacturing overhead costs to work in process.
Completed work on products that cost $148,570.
Sold products that cost $130,340 for $165,900 cash. Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b.
Paid $18,230 cash for selling and administrative expenses.
Actual overhead costs paid in cash amounted to $50,120.
Closed the Manufacturing Overhead account. The amount of over- or underapplied overhead was insignificant (immaterial).
Made a $4,540 cash distribution to the owners.

Required

For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example.
Prepare a schedule of cost of goods manufactured and sold.
Prepare an income statement and a balance sheet.

Complete this question by entering your answers in the tabs below.

Req A
Req B
Req 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.)