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please help me fill out this chart! Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,700 of raw
please help me fill out this chart!
Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,700 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Job 1 Job 2 Job 3 Total Direct Raw Materials Used $1,300 2,300 3,200 $6,800 Direct Labor $2,200 3,900 1,900 $8,000 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,440 cash. Munoz paid $400 for selling and administrative expenses. Actual factory overhead was $5,200 Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example, c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1, Comalatt Req D CGM Sched Req D Inc Stmt Req D Bal Sheet Req A and C Prepare a schedule of cost of goods manufactured and sold for Year 1. MUNOZ MANUFACTURING CORPORATION Cost of Goods Manufactured and Sold for Year 1 Raw materials available 0 Raw materials used 0 es Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Goods available 0 Cost of goods sold $ 0 Step by Step Solution
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