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please solve for the sheet below. this is all the information given Exercise 12-5A Part a only. The beginning balances have been completed for you.

please solve for the sheet below.
this is all the information given
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image text in transcribed
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Exercise 12-5A Part a only. The beginning balances have been completed for you. Note that there is no income statement impact Cash Work in Finished Manuf. Process Goods Overhead + 5 Common Stock Retained Earnings 6 Beg. Bat. 48,000 48,000 7 Labor for cash 1 Materials for cash 2 = Actual overhead 3 10 Applied overhead 4 Transfer from WIP to FG $ 12 Total 48,000 0 0 0 48.000 0 13 14 15 16 17 LO 12-2 Exercise 12-5A Job-order costing in a manufacturing company Mapleton Corporation builds sailboats. On January 1, 2019, the company had the following account balances: $48.000 for both cash and common stock, Boat 25 was started on February 10 and finished on May 31. To build the boat. Mapleton had incurred cash costs of S8.640 for labor and $7.500 for 567 Job-Order, Process, and Hybrid Costing Systems materials. During the same period, Mapleton paid $11,160 cash for actual manufacturing overhead costs. The company expects to incur $210,600 of indirect overhead cost during 2019. The overhead is allocated to jobs based on direct labor cost. The expected total labor cost for the year is $162.000. Mapleton uses a just-in-time inventory management system. Consequently, it does not have raw ma- terials inventory. Ruw materials purchases are recorded directly in the Work in Process Inventory account Required # Use the horizontal financial statements model, as illustrated here to record Mapleton's business events. The first row shows beginning balances. Assets Equity Work in Process Cash Finished Goods Manur. Overhead Ret. Ear. + Com. Stock + + + Rev. Exp. 1 Net Inc. 48,000 NA + NA + NA 48,000 + NA NA NA = NA

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