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help! thank you in advance! Prepare an income statement for Year 2. Complete this question by entering your answers in the tabs below. Prepare a
help! thank you in advance! Prepare an income statement for Year 2. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Year 2. VERNON MANUFACTURING COMPANY Balance Sheot At December, Year 2 Assets Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured and sold for Year 2. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ VERNON MANUFACTURING COMPANY } \\ Cost of Goods Manufactured and Sold \\ For the Yoar Ended December, Year 2 \\ \hline & \\ \hline Raw materials available \\ \hline Raw materials used & \\ \hline & \\ \hline Total manufacturing costs & \\ \hline Total work in process inventory \\ \hline Cost of goods manufactured & \\ \hline Cost of goods avalable for sale \\ \hline Cost of goods sold & \\ \hline \end{tabular} Problem 11-19A (Algo) Manufacturing cost flow for one-year period LO 11-1, 11-2, 11-3 Vernon Manufacturing started in Year 2 with the following account bolances. Cash Connon stock Retained earnings Raw materials inventory Work in plocess inventory Finished goods inventory (380 units 9$5.95 each) $6,0005,1515,4001,4008902,261 Transactions during Year 2 1. Purchased $2,890 of raw materials with cash. 2. Transferred $3,770 of raw materials to the production department. 3. Incurred and paid cash for 240 hours of direct labor $15.30 per hour. 4. Applied overheod costs to the Work in Process Inventory account. The predetermined overhead rate is $16.00 per direct labor hour. 5. Incurred actual overhead costs of $4,000 cash. 6. Completed work on 1,250 units for $6,00 per unit. 7. Paid $1,160 in selling and administrative expenses in cash. 8. Sold 1,250 units for $10,600 cash revenue (assume FiFO cost flow). 9. Vernon 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 bolance sheet for Year 2
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