I am needing assistance for the following items. Please advise.

1.

Required Indicate which costing system (job-order, process, or hybrid) would be most appropriate for the type of product listed in the left-hand column. The first item is shown as an example. Note: If a product uses more than one type of costing system, select the appropriate combined item from the dropdown list on the right. Type of Product Type of Costing System a. Coffee table Process b. Plastic storage containers c. TV set d. Ship e. Potato chips Hybrid f. House Job-order g. Custom-made suit Process h. Van with custom features i. CPA review course Process/Hybrid j. Shirts k. Pots and pans I. Apartment building m. Automobile n. Hollywood movie o. Airplane p. Personal computer with special featuresRooney Corporation builds sailboats. On January 1, Year 3. the company had the following account balances: $75,000 for both cash and common stock. Boat 25 was started on February 10 and finished on May 31. To build the boat. Rooney had incurred cash costs of $5,900 for labor and $4,500 for materials, During the same period, Rooney pald $8,810 cash for actual manufacturing overhead costs. The company expects to incur $202,500 of indirect overhead cost during Year 3. The overhead is allocated tojobs based on direct labor cost. The expected total labor cost for the year is $135,000. Rooney uses a justintime inventory management system. Consequently, it does not have raw materials inventory. Raw materials purchases are recorded directly in the Work in Process Inventory account. Required 3. Use the horizontal financial statements model to record Rooney's business events. The first row shows beginning balances. b. If Rooney desires to earn a profit equal to 20 percent of cost, for what price should it sell the boat? c. Ifthe boat is not sold by year-end, what amount would appear in the Work in Process Inventory and Finished Goods Inventory on the balance sheet for Boat 25? d. Is the amount of inventory you calculated in Requirement cthe actual or the estimated cost of the boat? Use the horizontal financial statements model to record Rooney's business events. The first row shows beginning balances.| Note: Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Balance Sheet Income Statement Assets Stockholders' Equity Net Work in Finished Manufacturing Liabilities Common Retained Revenue Expenses Cash Income Process Goods Overhead Stock Earnings 75,000 + 75,000 +Required A Required B E Required C Required D mi If Rooney desires to earn a prot equal to 20 percent of cost, for what price should it sell the boat? Note: Do not round intermediate calculations. Round your nal answer to 2 decimal places. _:| \\. , Required A Required B Required C Required D rennjnllnnnn- If the boat is not sold by year-end, what amount would appear in the Work in Process Inventory and Finished Goods Inventory on the balance sheet for Boat 25? Note: Do not round intermediate calculations. Work in process inventory Finished goods inventory Required A Required 6 Required C Required D Is the amount of inventory you calculated in Requirement c the actual or the estimated cost of the boat? _:| Finch Condos Corporation is a small company owned by Dennis Hatch. It leases three condos of differing sizes to customers as vacation facilities. Labor costs for each condo consist of maid service and maintenance cost. Other direct operating costs consist of interest and depreciation. The direct operating costs for each condo follow. Direct other Direct Labor Operating Costs Condo 1 $ 17,339 $ 44,888 Condo 2 19,683 42,666 Condo 3 25,588 59,566 Total 5 51,339 3 146, 388 Indirect operating expenses. which amounted to $43,890. are allocated to the condos in proportion to the amount of other direct operating costs incurred for each. Required 3. Assuming that the amount of rent revenue from Condo 2 is $109,000, what amount of income did it earn? Note: Do not round intermediate calculations. :l Rooney Manufacturing Company started operations on January 1, Year 1. During Year 1, the company engaged in the following transactions. 1. Issued common stock for $82,000. 2. Paid $25,000 cash to purchase raw materials used to make products. 3. Transferred $19,000 of raw materials to the production department. 4. Paid $30,500 cash for labor used to make products. 5. Paid $49,000 cash for overhead costs {assume actual and estimated overhead are the same). 6. Finished work on products that cost $75,000 to make. 7. Sold products that cost $64,000 to make for $88,000 cash. Required a. Prepare the December 31, Year 1, balance sheet. 13. Prepare the December 31, Year 1, income statement. Required A Required B Prepare the December 31, Year 1, balance sheet. ROONEY MANUFACTURING COMPANY Balance Sheet for Year 1 Assets Total assets Stockholders' equity Total stockholders' equityRequired A Required B Prepare the December 31, Year 1, income statement. ROONEY MANUFACTURING COMPANY Income Statement for Year 1