Loveland Manufacturing Company was started on January $1,$ Year $1.$ The company was affected by the following events during its first year of operation.

Acquired $$2,400$ cash from the issue of common stock.

Paid $$720$ cash for direct raw materials.

Transferred $$480$ of direct raw materials to work in process.

Paid production employees $$720$ cash.

Paid $$360$ cash for manufacturing overhead costs.

Applied $$294$ of manufacturing overhead costs to work in process.

Completed work on products that cost $$1,200.$

Sold products that cost $$960$ for $$1,680$ cash.

Paid $$480$ cash for selling and administrative expenses.

Made a $$60$ cash distribution to the owners.

Closed the Manufacturing Overhead account.

Required

Record these events in a horizontal statements model. The first event is shown as an example.

Prepare a schedule of cost of goods manufactured and sold.