Part A: T accounts

Part b COG Manufactured and Sold

Part c Income St

Part d Bal Sht

Evelyn Thornton started Thornton Manufacturing Company to make a universal television remote control device that she had invented The company's labor force consisted of part-time employees. The following accounting events affected Thornton Manufacturing Company during its first year of operation (Assume that all transactions are cash transactions unless otherwise stated) Transactions for January Year 1, First Month of Operation 1. Issued common stock for $11,000. 2. Purchased $410 of direct raw materials and $60 of production supplies 3. Used $380 of direct raw materials. 4. Used 70 direct labor hours, production workers were paid $9.60 per hour. 5. Expected total overhead costs for the year to be $3,200, and direct labor hours used during the year to be 1.000. Calculate an overhead rate and apply the appropriate amount of overhead costs to Work in Process Inventory 6. Paid $144 for salaries to administrative and sales staff 7. Paid $25 for indirect manufacturing labor. 8. Paid $200 for rent and utilities on the manufacturing facilities 9. Started and completed 100 remote controls during the month; all costs were transferred from the Work in Process Inventory account to the Finished Goods Inventory account 10. Sold 80 remote controls at a price of $21.40 each Transactions for Remainder of Year 1 11. Acquired an additional $17.500 by issuing common stock 12. Purchased $3,870 of direct raw materials and $905 of production supplies. 13. Used $3.000 of direct raw materials. 14. Paid production workers $9.60 per hour for 890 hours of work, 15. Applied the appropriate overhead cost to Work in Process Inventory 16. Paid $1,557 for salaries of administrative and sales staff 17. Pald $237 of indirect manufacturing labor cost 18. Paid $2.420 for rental and utility costs on the manufacturing facilities 19. Transferred 900 additional remote controls that cost $1276 each from the Work in Process Inventory account to the Finished Goods Inventory account. 11 Homework 18. Paid $2420 for rental and utility costs on the manufacturing facilities 19. Transferred 900 additional remote controls that cost $12.76 each from the Work in Process Inventory account to the Finished Goods Inventory account. 20. Determined that $166 of production supplies was on hand at the end of the accounting period. 21. Sold 850 remote controls for $21.40 each 22. Determine whether the overhead is over or underapplied. Close the Manufacturing Overhead account to the Cost of Goods Sold account. 23. Close the revenue and expense accounts. Required a. For each of the above transactions, post the effects to the appropriate T-accounts b. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1. Complete this question by entering your answers in the tabs below. Reg A Reg B CGM Sched Reg B Inc Stmt Reg B Bal Sheet For each of the above transactions, post the effects to the appropriate T-accounts. (Do not round intermediate calculations. Common Stock Cash 11,000 11,000 410 End Req A Req B CGM Sched Reg B Inc Stmt Reg B Bal Sheet For each of the above transactions, post the effects to the appropriate T accounts. (Do not round Intermediate calculations.) Doints - Cash eBook Common Stock Ask References End. bal. Raw Materials Retained Earnings End bal . Manufacturing Overhead Sales Revenge Manufacturing Overhead Sales Revenue End. bal. End. bal. Work in Process Cost of Goods Sold . End. bal End bal. Finished Goods Selling and Administrative Expenses End bal End bal Dinduction Sune End, bal End, bal erences Finished Goods Selling and Administrative Expenses End bal 0 0 Production Supplies End bal Req BCGM Sched > Prepare a schedule of cost of goods manufactured and sold for Year 1. THORNTON MANUFACTURING COMPANY Cost of Goods Manufactured and Sold For 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