Munoz Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation. 1. Acquired $2,500 cash from the issue of common stock. 2. Paid $550 cash for direct raw materials. 3. Transferred $400 of direct raw materials to work in process. 4. Paid production employees $680 cash. 5. Paid $390 cash for manufacturing overhead costs. 6. Applied $220 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,080. 8. Sold products that cost $870 for $1,570 cash. 9. Paid $380 cash for selling and administrative expenses. 10. Made a $60 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. Complete this question by entering your answers in the tabs below. Required A Required B Record these events in a horizontal statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Event No. 1. Assets Raw Materials Cash + Manufacturing + Overhead $ 2,500 + Work in Process Finished G oods Revenue - Expense = Equity - Common Retained Stock Earnings = $ 2,500 + Income + 550 + + + + + + + + + + + + + + + + + + + + + + + + 11. Total $ 2,500 + $ + $ 550 + $ 0 + $ 0 = $ 2,500 + $ $ 0 - $ 0 = $ 0