Jerez Manufacturing Company was started on January $1,$ Year $1,$ when it acquired $$3,000$ cash from the issue of common stock. During the first year of operation, $$1,800$ of direct raw materials was purchased with cash, and $$1,100$ of the materials was used to make products. Direct labor costs of $$2,000$ were paid in cash. Perez applied $$740$ of overhead cost to the Nork in Process account. Cash payments of $$740$ were were made for actual overhead costs. The company completed Jroducts that cost $$2,600$ and sold goods that had cost $$2,000$ for $$3,000$ cash. Selling and administrative expenses of $$580$ were paid in cash.

Required

$3.$ Prepare T$-$accounts and record the events affecting Perez Manufacturing. Include closing entries.

Prepare a schedule of cost of goods manufactured and sold.

Prepare an income statement.

$3.$ Prepare a balance sheet.