Newcomb Manufacturing Company was started on January $1,$ Year $1,$ when it acquired $$3,900$ cash from the issue of common stock. Req B$1$ Complete this question by entering your answers in the tabs below.

Req B$1$

ReqB$2$

Req B$3$

Prepare a schedule of cost of goods manufactured and sold.

$\backslash$table$[[$NEWCOMB MANUFACTURING COMPANY,$],[$Schedule of Cost of Goods Manufactured and Sold,$],[$For the Year Ended December, Year $1,],[,],[,],[$Raw materials available,$],[,],[$Raw materials used,$],[,],[$Total manufacturing costs,$],[,],[$Total work in process inventory,$],[,],[$Cost of goods manufactured,$],[,],[$Goods available for sale,$],[,],[$Cost of goods sold,$]]$Complete this question by entering your answers in the tabs below.

Prepare an income statement.

During the first year of operation, $$2,700$ of direct raw materials was purchased with cash, and $$1,550$ of the materials was used to

make products. Direct labor costs of $$2,900$ were paid in cash. Newcomb applied $$830$ of overhead cost to the Work in Process

account. Cash payments of $$830$ were were made for actual overhead costs. The company completed products that cost $$3,500$ and

sold goods that had cost $$2,720$ for $$3,900$ cash. Selling and administrative expenses of $$670$ were paid in cash.

Required

a$.$ Prepare T$-$accounts and record the events affecting Newcomb Manufacturing. Include closing entries.

b$1.$ Prepare a schedule of cost of goods manufactured and sold.

b$2.$ Prepare an income statement.

b$3.$ Prepare a balance sheet.

Complete this question by entering your answers in the tabs below.

Req B$1$

Req B$2$

Req B$3$

Prepare T$-$accounts and record the events affecting Newcomb Manufacturing. Include closing entries.