Part One is already done. Just wanted to add part one so it'll make more sense for Part 2.

Heres what I need to be answered.

Natalie Nelson started Nelson Frame Company (NFC) to make a unique picture frame that she had invented. part-time workers as she needs them. Accounting information relevant to NFC's first month of operation follows. Assume all transactions are cash transactions unless otherwise stated. Events 1 through 11 occurred in January, the first month of NFC's operation 1. Issued $5,000 of common stock. 2. Purchased $1,200 of direct raw materials. 3. Used $900 of direct raw materials. 4. There were 120 direct labor hours worked during the month. NFC paid direct labor production workers $8 per hour. 5. Paid S1,560 for the annual insurance premium on the manufacturing facility. 6. Purchased $160 of production supplies. 7. Paid S610 for rental of manufacturing facility and equipment 8. NFC expects total overhead costs for the year to be $12,750. It expects to use 1,500 direct labor hours during the year. Calculate an overhead rate and apply the appropriate amount of overhead costs for the month to work in process 9. Completed work on the 576 picture frames that were started during the month. Transfer the manufacturing costs from the work in process account to the finished goods account. Calculate the cost per frame produced during the month, 10. Sold 500 frames at a price of $9 per frame, 11. Paid $490 for general, selling, and administrative expenses. Using the Example 2 Excel workbook: A. Records these events in the transactions analysis model on the TA Tab Auto Lab Income Start Cash Flows MOH Prod. Suppl. Sterkholders' qully Common Retained Stock Earnings Cash DM In WIP H. FG Iny. Revenues Expenses - Net Income Amount CTRL mount 5.000 1 1 3 5,000 11.2007 5.000 (1.2000 1.100 (900) 900 6 Do IMO (1.50) (1) (61) 1 6 7 (ISO 1600 (6190 610 . TA (2.0 6 VE 10 4.500 2.000 4.500 11 (490) 4:20 2500 490 1.9 2009 0) 1.510 2.500 o HO INC 300 30 1.510 4.80 Natalie Nelson started Nelson Frame Company (NFC) to make a unique picture frame that she had invented. Ms. Nelson employs part-time workers as she needs them. Accounting information relevant to NFC's first month of operation follows. Assume all transactions are cash transactions unless otherwise stated. Events 12 through 23 pertain to February through December of the first year. 12. NFC acquired an additional $40,000 by issuing common stock. 13. Purchased $12,500 of direct raw materials. 14. Used $11,600 of direct raw materials. 15. Paid direct labor production workers $8 per hour for 1,310 hours of work. 16. Applied the appropriate amount of overhead cost to work in process inventory. 17. Purchased $500 of production supplies. 18. Paid $8,900 for rental of manufacturing facility and equipment. 19. The company transferred 5,200 additional frames that cost $ each from work in process to finished goods. 20. Sold 4,900 frames at a price of $9 each. 21. Paid $5,600 for general, selling, and administrative expenses. 22. There was $150 of production supplies on hand at the end of the year, 23, Determine whether overhead is over- or underapplied. Close the manufacturing overhead account to cost of goods sold (an expense), In the Chapter 4 Homework Problem Excel workbook: A. Records these events in the transactions analysis model on the TA Tab B. Prepare journal entries for each transaction on the JE Tab C. Prepare a schedule of cost of goods manufactured and sold in the CGM-CGS Tab D. Prepare an income statement and a balance sheet for NFC's first year of operation in the FS Tab Chapter 4 Homework Problem Transaction Analysis 1 2 Income Sus Cashews TG In Revenue - Expenses Net Income Amount . . - . . 0 0 0 . . Auto List Stockholders' Prod. 4 Cash DM lev.WIP Inv. FG Inv. MOH Common Retained Suppl. CTRL Stock Farnings 5 BR 4130 166 Joo . 380 1,150 5,000 130 6 12 0 1 13 B 14 9 15 10 16 - 11 17 12 18 13 19 14 20 . 15 21 0 16 22 23 17 18 4.520 160 300 380 1.150 5.000 1,510 19 6,510 6,510 20 Bepirning balances as of February 1 are the Ending Balances as of January 31 from Chapter 4 xample 2 -0 21 . - . . . 0 . -0 . 0 - Ne Chang FECTICE Credit Amount Debit Transaction 12 s 13 S 14 S 15 S 16 $ 17 S 18 S 19 S 20 S 21 s 22 23 Chapter 4 Homework Problem Statements of Cost of Goods Manufactured and cost of Goods Sold Nelson Frame Company Cost of Goods Manufactured and Sold For the First Year of Operation Beginning Direct Materials Inventory Direct Materials Purchases Direct Materials Available Ending Direct Materials Inventory Raw Materials Used Direct Labor Overhead Total Manufacturing Costs Beginning Work in Process Inventory Total Work in Process Inventory Ending Work in Process Inventory Cost of Goods Manufactured Beginning Finished Goods Inventory Goods Available for Sale Ending Finished Goods Inventory Adjustment to close MOH Control Cost of Goods Sold Chapter 4 Homework Problem Financial Statement Nelson Frame Company Income Statement For the First Year of Operation Sales Revenue Cost of Goods Sold Gross Margin General, Selling, and Administrative Expense Net Income Nelson Frame Company Blance Sheet As of December 31, Year 1 ASSETS Cash Production Supplies Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Total Assets EQUITY Common Stock Retained Earnings Total Equity Note: No liabilities in the exercise