Moreno Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $7,200 of raw materials and worked on three job orders during 2015 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.)

Direct Raw Materials Used Direct Labor

Job 1 $ 1,200 $ 2,100

Job 2 1,900 3,900

Job 3 3,300 1,900

Total $ 6,400 $ 7,900

Factory overhead is applied using a predetermined overhead rate of $0.50 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,250 cash. Moreno paid $300 for selling and administrative expenses. Actual factory overhead was $4,350.

Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2015.