Problem 10-27A (Algo) Schedule of cost of goods manufactured and sold LO 10-3 Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2 Cash, 5677,000, Raw Materials inventory, 561000. Work in Process Inventory $28.000 niched Goods inventory. 540.000. Common Stock. 550.000 and Retained Esmings, $22000 Antioch experienced the following accounting events during year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions 1. Paid $30,000 of research and development costs 2. Paid $55,000 for raw materials that will be used to make eBook reader 3. Placed $87.000 of the raw materials cost into the process of manufacturing Book readers 4. Paid $70,000 for salaries of seling and administrative employees 5. Paid $90,000 for wages of production workers Pald S70,000 to purchase orment used in seting and administrative offices 7. Recognized depreciation on the office equipment. The equipment was acqured on January 1 Year 2. It has a $18.000 salvage value and as year fe. The amount of depreciation is computed cost-saage tutlife Specific 578,000 $18.0001 - 0 - $10,000 3. Poid 511000 to purchase manufacturing equipment 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January Year 2 is a $20.000 Salvage value and a seven-year life. The amount of depreciation is computed as Cost-salvage useful lifel Specifically 15153.000 - 5200001 - 519.000 10. P 553.000 for rent and utility costs on the manufacturing facility 11. Poid 570,000 for inventory holding expens for completed eBook readers trental of warehouse space, sales of warehouse personnel, and other general storage cost 12. Completed and transferred to readers that had total cost of $243.000 from work in process inventory to finished goods 13 Sold 950 Book readers to 437000 14. It cost Antioch 5900.000 to make the book record in Event Required snow now these events affect the balance sheet, income mement, and strement et cachows by recording them in a horronta! of Preare a schedule of cout of good actored and send for the year 6-2. Prepare a formal income statement for the year -3. Prepare a balance sheet for the year Complete this question by entering your swwer in the tabs below. Hes Rana Show how these events affect the balance sheet income Matement and otment of cash flows by recording them whorontal financial statement model the Statement of Cathrowsindicate the team is an opening for an isot fett ANTIOCHDARY Show how these events affect the balance sheet income statement, and statement of cash flows by recording them in a hozontal Financial statements model. En decreases to account balan the Statement of Cash Flows indicate whether the item is an operating activity (OA). tnvesting activity, or finding activity (PA) If nie hot affected leave the blank) ANTIOCH COMPANY Financial Statement Model Even NO Statement of Cash To Cash Sur Matemats 61,000 Won Proces Inweco 20000 parated Good HIVO Tumi UV Manuchun En Canon Stock 550.000 Reinet Eros Netin 577.000 40 000 21.000 1 2 3 - + 5 9 10 11 13 + Total Reg C1 > Reg A Reg C1 Reg 02 Reg 03 Prepare a schedule of cost of goods manufactured and sold for the year. (Am minus sign.) ANTIOCH COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31 Year 2 Beginning raw materials Inventory Purchases Raw materials available Ending raw materials inventory Raw 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 ReA Reni Reg A Reg C1 Req C2 Reg 03 Prepare a formal income statement for the year. ANTIOCH COMPANY Income Statement For the Year Ended December 31, Year 2 Prepare a balance sheet for the year. ANTIOCH COMPANY Balance Sheet As of December 31, Year 2 Assets Total assets Stockholders' Equity Total stockholders' equity