Moreno Manufacturing Corporation was started with the issuance of common stock for $75,000. It purchased $7,800 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.) Job 1 Job 2 Job 3 Direct Raw Materials Used $ 1,500 2,000 3,400 Direct Labor $1,900 3,900 1,800 Total $6,900 $7,600 Factory overhead is applied using a predetermined overhead rate of $0.70 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,460 cash. Moreno paid $600 for selling and administrative expenses. Actual factory overhead was $5,820. Required: a.b.&c.Record the preceding events and the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model. Reconcile all subsidiary accounts with their respective control accounts. (Enter costs of each job individually. Enter any decreases to account balances with a minus sign.) Assets Equity Cash + ..Manufacturing Raw Work In . Finished Common. Retained * Overhead Material Process Goods Stock Earnings Revenue - Expense 75,000 01+ 0= 75,000+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 75.000 0+ 0+ 0+ 01= 75,000+ 0 d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2015. (Leave no cells blank, enter "O" wherever required.) MORENO MANUFACTURING CORPORATION Cost of Goods Manufactured and Sold for 2015 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available Cost of goods sold MORENO MANUFACTURING COMPANY Income Statement for 2015 MORENO MANUFACTURING COMPANY Balance Sheet for 2015 Assets Total assets Equity Total equity Moreno Manufacturing Corporation was started with the issuance of common stock for $75,000. It purchased $7,800 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.) Job 1 Job 2 Job 3 Direct Raw Materials Used $ 1,500 2,000 3,400 Direct Labor $1,900 3,900 1,800 Total $6,900 $7,600 Factory overhead is applied using a predetermined overhead rate of $0.70 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,460 cash. Moreno paid $600 for selling and administrative expenses. Actual factory overhead was $5,820. Required: a.b.&c.Record the preceding events and the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model. Reconcile all subsidiary accounts with their respective control accounts. (Enter costs of each job individually. Enter any decreases to account balances with a minus sign.) Assets Equity Cash + ..Manufacturing Raw Work In . Finished Common. Retained * Overhead Material Process Goods Stock Earnings Revenue - Expense 75,000 01+ 0= 75,000+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 75.000 0+ 0+ 0+ 01= 75,000+ 0 d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2015. (Leave no cells blank, enter "O" wherever required.) MORENO MANUFACTURING CORPORATION Cost of Goods Manufactured and Sold for 2015 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available Cost of goods sold MORENO MANUFACTURING COMPANY Income Statement for 2015 MORENO MANUFACTURING COMPANY Balance Sheet for 2015 Assets Total assets Equity Total equity