Munoz Manufacturing Company was started on January 1, Year 1, when it acquired $2,900 cash from the Issue of common stock. Durling the first year of operation, $1,700 of direct raw materlals was purchased with cash, and $1,050 of the materlals was used to make products. Direct labor costs of $1,900 were pald In cash. Munoz applied $730 of overhead cost to the Work in Process account. Cash payments of $730 were were made for actual overhead costs. The company completed products that cost $2500 and sold goods that had cost $1,920 for $2,900cash. Selling and administratlve expenses of $570 were pald In cash. Required a. Prepare T-accounts and record the events affecting Munoz Manufacturing. Include closing entrles. b1. Prepare a schedule of cost of goods manufactured and sold. b2 Prepare an income statement b3. Prepare a balance sheet. \begin{tabular}{|l|l|l|l|} \hline Req A & Req B1 & Req B2 & Req B3 \\ \hline \end{tabular} Prepare T-accounts and record the events affecting Munoz Manufacturing. Include closing entries. Prepare a schedule of cost of goods manufactured and sold. MUNOZ MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December, Year 1 Raw materials available Raw materials used Total manufachuring costs Total work in process inventory Cost of goods manufachured Goods available for sale Cost of goods sold Req A Dromareanimanmenatemomant \begin{tabular}{|l|l|l|} \hline Req A & Req B1 & Req B2 \\ \hline \end{tabular} Req B3 Prepare a balance sheet. \begin{tabular}{|l|} \hline \multicolumn{2}{|c|}{ MUNOZ MANUFACTURING COMPANY } \\ \hline \multicolumn{2}{|c|}{ Balance Sheet } \\ \hline Assets December, Year 1 \\ \hline \\ \hline \\ \hline \end{tabular}