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: Gilkison Corporation Balance Sheet October 1 Assets: Cash Raw materials Work in process Pinished goods Property, plant, and equipment (net) Total assets $ 10,450 $ 3,150 15,450 19,450 38,050 229,450 $277,950 Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 15,225 262,725 $277,950 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 PPLE--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 $ 66,450 $ 50,450 $ 7,225 $ 95,450 $ 25,450 $ 30,450 $ 12,450 $ 10,450 $ 2,225 $ 15,450 $ 58,350 $196,450 $278,000 $ 205,450 $ 81,450 2 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 Required B Required 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) (6) 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 Prepare a Schedule of Cost of Goods Sold for the company for October. Gilkison Corporation Schedule of Cost of Goods Sold For the month onded October 31 Adjusted cost of goods sold Prepare an Income Statement for the company for October. Gilkison Corporation Income Statement For the month ende+ctober 31 Selling and administrative expenses