OBLEMS-SERIES All applicable Problems in Series A are available in Connect 1-17A Manufacturing cost flow across three accounting cycles accounting events affected Stratford Manufacturing Company during problem 11-17A ne following ears of Transactions for 2017 e follomeration. Assume that all transactions are cash transactions. LO 11-1, 11-2, 11-3 its first three CHECK FIGURE b. Cost of goods sold or 2017:$289, nufacturing company by issuing common stock for $2.000. $600 of direct raw materials. Total assets for 2017: $2.076 400 of direct raw materials to produce inventory rid $200 of direct labor wages to employees to make inventory. lied $125 of manufacturing overhead cost to Work in Process Inventory ished work on inventory that cost $450. Sold goods that cost $300 for $550. . d $185 for selling and administrative expenses. tual manufacturing overhead cost amounted to $114 for the year . Act Transactions for 2018 1. Acquired additional $400 of cash from common stock. .. Purchased $600 of direct raw materials. 3. Used $650 of direct raw materials to produce inventory 4. Paid $300 of direct labor wages to employees to make inventory 5. Applied $160 of manufacturing overhead cost to Work in Process Inventory 6. Finished work on inventory that cost $900. 7. Sold goods that cost $800 for $1.400. & Paid $250 for selling and administrative expenses 9. Actual manufacturing overhead cost amounted to $165 for the year. Transactions for 2019 1. Paid a cash dividend of $350. 2. Purchased $700 of direct raw materials. 3. Used $600 of direct raw materials to produce inventory 4. Paid $220 of direct labor wages to employees to make inventory 5. Applied $145 of manufacturing overhead cost to work in process. 6. Finished work on inventory that cost $1,000. 7. Sold goods that cost $1,100 for $1,750. 8. Paid $355 for selling and administrative expenses Annual manufacturing overhead costs were $140 for the year Required a. Record the preceding events in a horizontal statements model. Close overapplied or overhead to Cost of Goods Sold. The first event is shown as an example. Equity Assets -Exp. = Nene + MOH + Raw M. + WIP + F, Goods C. Stk. + Ret. Ear. + NA NA + NA+ NA 2,000NA . Prepare a schedule of cost of goods manufactured and sold, an income statement, and sheet as of the close of business on December 31, 2017. Close appropriate accounts. b. c. d. Repeat Requirements a through c for years 2018 and 2019