Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 The following information applies to the questions displayed below. Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $675,000; Raw Materials Inventory, $63,000: Work in Process Inventory, $32,000; Finished Goods Inventory, $49,000; Common Stock, $598,000; and Retained Earnings, $221,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions 1. Paid $29,000 of research and development costs. 2. Paid $61,000 for raw materials that will be used to make eBook readers. 3. Placed $84,000 of the raw materials cost into the process of manufacturing eBook readers. 4. Paid $71,000 for salaries of selling and administrative employees 5. Paid $104,000 for wages of production workers. 6. Paid $98,000 to purchase equipment used in selling and administrative offices 7. Recognized depreciation on the office equipment. The equipment was acquired on January 1, 2018. It has a $18,000 salvage value and a eight-year life. The amount of depreciation is computed as (Cost-salvage-useful life). Specifically, ($98,000 $18,000)+8 $10,000. Paid $128,000 to purchase manufacturing equipment 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, 2018. It has a $20,000 salvage value and a nine-year life. The amount of depreciation is computed as (Cost - salvage)+ useful life). Specifically. ($128,000-$20,000) 9-$12,000. 10. Paid $54,000 for rent and utility costs on the manufacturing facility 11. Paid $70,000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries of 12. Completed and transferred eBook readers that had total cost of $244,000 from work in process inventory to 13. Sold 970 eBook readers for $438,000 warehouse personnel, and other general storage cost). finished goods 14. It cost Antioch $203,700 to make the eBook readers sold in Event 13