Perez Modems, Inc. acquired a subsidiary named Anywhere, Inc. (AI). Al manufactures a wireless modem that enables users to access the Internet through cell phones. The following trial balance was drawn from the accounts of the subsidiary. Cash Raw materials inventory Work in process inventory Finished goods inventory Common stock Retained earnings Totals $209,500 4,180 6,290 7,330 $135, 130 92,170 $227,300 $227,300 The subsidiary completed the following transactions during Year 2. 1. Paid $62.850 cash for direct raw materials. 2. Transferred $52,390 of direct raw materials to work in process 3. Paid production employees $83.830 cash. 4. Applied $55,520 of manufacturing overhead costs to work in process 5. Completed work on products that cost $170,740 6. Sold products that cost $149,790 for $190,660 cash. Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b. 7. Paid $20.950 cash for selling and administrative expenses. 8. Actual overhead costs paid in cash amounted to $57,590. 9. Closed the Manufacturing Overhead account. The amount of over or underapplied overhead was insignificant immaterial) 10. Made a $5.220 cash distribution to the owners. MUUMILIUI JULLIRITIS b. Prepare a schedule of cost of goods manufactured and sold. c. Prepare an income statement and a balance sheet. ANYWHERE, INC. Schedule of Cost of Goods Manufactured and Sold For Year Ended December, 31 Year 2 Beginning raw materials inventory Purchases Raw materials available for use Ending raw materials inventory Direct raw materials used Direct labor Manufacturing 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 Cost of goods available for sale Ending finished goods inventory Cost of goods sold 0 0