Please use excel for answering the questions a-b. You will need to make a horizontal statements model, as pictured in the text, for this problem.

Exercise 11-14A Product cost flow and financial statements D Loveland Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of direct raw materials to work in process. 4. Paid production employees $720 cash. 5. Paid $360 cash for manufacturing overhead costs. 6. Applied $294 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $ 1,200. 8. Sold products that cost $960 for $1,680 cash. 9. Paid $480 cash for selling and administrative expenses. 10. Made a $60 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example. Balance Sheet Income Statement Assets Equity i 5. Paid $360 cash for manufacturing overhead costs. 6. Applied $294 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,200. 8. Sold products that cost $960 for $1,680 cash. 9. Paid $480 cash for selling and administrative expenses. 10. Made a $60 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example. Balance Sheet Income Statement Assets Equity Event No. Cash + MOH + Raw M. + WIP + F. Goods = C. Stk. + Ret. Ear. Rev. - Exp. = Net Inc. 1. 2,400 + NA + NA + NA + NA = 2,400 + NA NA - NA = NA b. Prepare a schedule of cost of goods manufactured and sold