Problem 10-27A (Algo) Schedule of cost of goods manufactured and sold LO 10-3 Antioch Company makes look readers. The company had the following amounts at the beginning of Year 2: Cash, 5660.000 Raw Materials inventory $70,000. Work in Process inventory. $18.000 Finished Goods inventory: $49.000; Common Stock $567.000 and Retained Earings. $210.000. Antioch experienced the following accounting events during Your 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions 12 point Ned 2 of 2 1. Pald $29,000 of research and development costs 2. Paid $54,000 for raw materials that will be used to make eBook readers. 3. Placed $85.000 of the raw materials cost into the process of manufacturing eBook readers 4. Paid $68,000 for salaries of selling and administrative employees 5. Paid $105.000 for wages of production workers 6. Paid $156,000 to purchase equipment used in selling and administrative offices 7. Recognized depreciation on the office equipment. The equipment was acquired on January 1 Year 2. it has a $16.000 salvage value and a seven years. The amount of depreciation is computed as Cost - Savage) + useful life) Specifically (5156,000 - $16.000) 7 $20.000 B. Paid $174,000 to purchase manufacturing equipment 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1 Year 2. It has a $21000 salvage value and a nine year life. The amount of depreciation is computed as Cost - salvage) useful fej. Specifically ($174.000 - $21000)+9 $17.000. 10. Paid $63,000 for rent and utility costs on the manufacturing facility 11 Paid $76,000 for inventory holding expenses for completed eBook readers frental of warehouse space, salanes of warehouse personnel, and other general storage cost 12. Completed and transferred eBook readers that had total cost of $256.000 from work in process inventory to finished goods 13. Sold 870 eBook readers for $427000. 14. It cost Antioch $130,500 to make the eBook readers sold in Evert 13. . BOT 587.000 O + 0 ation.com Reg C3 Reg C2 Complete this question by entering your Req C1 Reg A 0 sig: ***** Prepare a schedule of cost of goods manufactured and sold for the year. n.) 0 12 points Skipped 0 0 look 0 Nex ReqC2 > Print ANTIOCH COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, Year 2 Beginning raw materials Inventory Purchases Raw materiais available Ending raw materials inventory Ruw materials used Labor 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 Goods available Ending finished goods inventory Cost of goods sold O 2 of 2 References $ Req A points Prepare a formal income statement for the year. ANTIOCH COMPANY Income Statement For the Year Ended December 31, Year 2 Stopped Req C1 eBook Print References Pres on.com Req C3 c-2. Prepare a formal income statement tu c-3. Prepare a balance sheet for the year. Reg C2 Complete this question by entering your answer in thu Reg C1 Reg A ints Skipped Prepare a balance sheet for the year. ANTIOCH COMPANY Balance Sheet As of December 31, Year 2 eBook Assets Print References 2012 $ Total assets Stockholders' Equity . BOT 587.000 O + 0 ation.com Reg C3 Reg C2 Complete this question by entering your Req C1 Reg A 0 sig: ***** Prepare a schedule of cost of goods manufactured and sold for the year. n.) 0 12 points Skipped 0 0 look 0 Nex ReqC2 > Print ANTIOCH COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, Year 2 Beginning raw materials Inventory Purchases Raw materiais available Ending raw materials inventory Ruw materials used Labor 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 Goods available Ending finished goods inventory Cost of goods sold O 2 of 2 References $ Req A points Prepare a formal income statement for the year. ANTIOCH COMPANY Income Statement For the Year Ended December 31, Year 2 Stopped Req C1 eBook Print References Pres on.com Req C3 c-2. Prepare a formal income statement tu c-3. Prepare a balance sheet for the year. Reg C2 Complete this question by entering your answer in thu Reg C1 Reg A ints Skipped Prepare a balance sheet for the year. ANTIOCH COMPANY Balance Sheet As of December 31, Year 2 eBook Assets Print References 2012 $ Total assets Stockholders' Equity