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 $ 10,750 Raw materials $ 2,550 Work in process 15,750 Finished goods 19,750 38, 050 Property, plant, and equipment (net) 229,750 Total assets $278,550 Liabilities and Stockholders' Equity: Accounts payable Retained earnings $ 15,375 Total liabilities and stockholders' equity 263, 175 $278,550 Summaries of the transactions completed during October appear below. (1) Raw materials purchased on account $ 66,750 (2) Raw materials used in production (direct materials) $50, 758 (3) Raw materials used in production (indirect materials) $ 7,375 (4) Direct labor paid in cash $ 95,750 (5) Indirect labor paid in cash $ 25,750 (6) Selling and administrative salaries paid in cash $ 30,758 (7) Factory utility costs (on account) $ 12,750 (8Depreciation on PPSE-manufacturing equipment $ 10,750 19) Depreciation on PP5E-selling and administration $ 2,375 110) Advertising expenses paid in cash $ 15,750 (11) Manufacturing overhead applied to production $ 59,250 (12) Cost of goods manufactured $196,750 (13) Cash sales (14) Cost of goods sold $284,000 (15) Cash payments to creditors $205,750 (16) Overapplied (underapplied) overhead $ 81,750 2 Required: - 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 PPLE ( Account Retained Payable Earning Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign) Transactions Cash Raw Work in Finished Manufacturing Materials Proce Goods Overhead Beginning balance, October 1 (5) Raw materiale purchased on count (2) Raw materials used in production direct materia) (3) Raw materials used in production (indirect material (4) Direct labor paid in cash (5) Indirect labor paid in cash (0) Selling and administrative stais paid in 7) Factory utility cools (on account) (5) Dopreciation on PPLE intacting equipment (0) Depreciation on PPBE-seling and administration (10) Advertising expenses paid in cash (10) Maracuting overhead applied to production (12) Cost of goods manufactured (13) Cash (14) Cost of goods sold (15) Cash payments to credito (16) Overupplied funderapplied) overhead o Ending bene Ober 31 0 0 0 O- 0 Rewire Required A Required B Required C Prepare a Schedule of Cost of Goods Sold for the company for October. Gilkison Corporation Schedule of Cost of Goods Sold For the month ended October 31 0 Adjusted cost of goods sold $ Required A Required c> Required A Required B Required C Prepare an Income Statement for the company for October. Gilkison Corporation Income Statement For the month onded October 31 0 Selling and administrative expenses: 0 $ 0