LO 11-1, 11-2, 11-3 Exercise 11-14A Product cost flow and financial statements Loveland Manufacturing Company was started on January 1. 201S. The company was affected by the following events during its Page 514 first year of operation: 1. Acquired $2.400 cash from the issue of common stock 2. Paid $720 cash for direct raw materials. 3. Transferred S480 of direct raw materials to work in process. 4. Paid production employees $720 cash 5. Paid S360 cash for manufacturing overhead costs. 6. Applied S294 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1.200. 8. Sold products that cost $960 for $1.680 cash. 9. Paid $480 cash for selling and administrative expenses. 10. Made a $60 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required search