Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: $ 10,350 Gilkison Corporation Balance Sheet October 1 Assets: Cash Raw materials Work in process Finished goods Property, plant, and equipment (net) Total assets $ 3,350 15,350 19,350 38,050 229,350 $ 277,750 Liabilities and Stockholders' Equity: Accounts payable Retained earnings Total liabilities and stockholders' equity $ 15,175 262,575 $277,750 Summaries of the transactions completed during October appear below: (1) Raw materials purchased on account (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs (on account) (8) Depreciation on PP&E--manufacturing equipment (9) Depreciation on PP&E--selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales (14) Cost of goods sold (15) Cash payments to creditors (16) Overapplied (underapplied) overhead $ 66,350 $ 50,350 $ 7,175 $ 95, 350 $ 25,350 $ 30, 350 $ 12,350 $ 10,350 $ 2,175 $ 15,350 $ 58,050 $196,350 $276,000 $ 205, 350 $ 81,350 ? Required: a. Complete the spreadsheet below. b. Prepare a Schedule of Cost of Goods Sold for the company for October. c. Prepare an Income Statement for the company for October. Required: a. Complete the spreadsheet below. b. Prepare a Schedule of Cost of Goods Sold for the company for October c. Prepare an Income Statement for the company for October. Complete this question by entering your answers in the table below. Required A Required B Required C Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign.) Cash Raw Materials Work in Process Finished Goods Manufacturing Overhead PP&E (net) Accounts Retained Payable Earnings Transactions Beginning balances, October 1 (1) Raw materials purchased on account (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs on account) (8) Depreciation on PP&E-manufacturing equipment (9) Depreciation on PP&E--selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales (14) Cost of goods sold (15) Cash payments to creditors (16) Overapplied (underapplied) overhead Ending balances at October 31 Required A Required B > Required: a. Complete the spreadsheet below. b. Prepare a Schedule of Cost of Goods Sold for the company for October. c. Prepare an Income Statement for the company for October. Complete this question by entering your answers in the table below. Required A Required B Required C Prepare a Schedule of Cost of Goods Sold for the company for October. GILKISON CORPORTION Schedule of Cost of Goods Sold For the month ended October 31 Adjusted cost of goods sold Required: a. Complete the spreadsheet below. b. Prepare a Schedule of Cost of Goods Sold for the company for October. c. Prepare an Income Statement for the company for October. Complete this question by entering your answers in the table below. Required A Required B Required C Prepare an Income Statement for the company for October. GILKISON CORPORTION Income Statement For the month ended October 31 Selling and administrative expenses:
