Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 of raw materials and worked on three job orders during 2019 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.)

Direct Raw Materials UsedDirect LaborJob 1$2,800$6,000Job 24,0008,000Job 36,0004,000Total$12,800$18,000

Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $20,000 cash. Lehigh paid $800 for selling and administrative expenses. Actual factory overhead was $11,300.

Required

Record the preceding events in a horizontal statements model. The first event for 2019 has been recorded as an example.

Reconcile all subsidiary accounts with their respective control accounts.

Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant.

Prepare schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2019.

CHECK FIGURE d. COGM: $29700 NE. $6,300 Problem 12-13A Job order coiling spain Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 of raw materials and worked on three job orders during Year I for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Page 368 Direct Raw Materials Used Direct Labor Job $ 2.800 $ 6,000 Job 2 4.000 8,080 Job 3 4000 Total 17 800 $18,000 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Joba 2 and 3 were completed during the period and Job 3 was sold for $10,090 cash. Lehigh paid $300 14 selling and administrative expenses. Actual factory overhead was $11.309. Required a. Record the preceding events in a horizontal statements model The find event for Year I has been recorded is an example. Balance Sheet Equity Income Statement Cath + RIWM. + MOH + WIP + F. Goods = C. Sth + Rot Ex. Rov - Bp. = NotInc. 60.000 + NA NA NA + NA 60,000 + NA NA - NA NA b. Reconcile all subakbary accounts with their respective control accounts a. Rested the clouing entry for over of underapplied mumfacturing overhead in the horizontal statements model. assuming that the amount is insignificant emoProblem 12.134 Jobanker costing system Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $ 14 000 of raw materials and worked on thece job orders doting Year I for which data follow. (Assume that all transactions we for cash unless otherwise indicated.) Parc 565 Direct Raw Materials Used Direct Labor Job 1 1 2.800 $ 6.000 Job 2 8,000 6000 4.000 TOAN 13 800 $18.00 0 Factory owrheed wapplied using a predetermined overhead rate of 50.60 per direct labor dollar. Jobs 1 and 3 were completed during the period and Job I was sold for $10,000 cash. Lehigh paid $800 for wiling and administrative expenses. Actual factory overheard was $11.800. Required B. Reosid the preceding events in a horizontal statements model. The find event for Year 1 has been recorded as an example. Balance Shoot Equity Income Statement Cath + RAW M. + MOH . WIP + F. Goods . C. Suc + Ret Ent Rev - Exp. . NetInc. NA 60,000 + NA NA - MA b. Reconcile i'll whildiary bocounty with their respective control socounts s. Record the closing cutry for over of underapplied manufacturing overhead in the horizontal ratecuts model, axuming that the amount d. Prepare a schedule of cou of goods manufactured and sold, an income ilabement, and a balance sheet for Year