Problem 11-19A (Algo) Manufacturing cost flow for one-year period LO 11-1, 11-2, 11.3 Gibson Manufacturing started in Yeat 2 with the following account balances Transactions during Year 2 1. Purchased $2,940 of raw materials with cash 2. Transferred $3,820 of raw materiais to the production department 3. Incurred and paid cash for 190 hours of direct labor $15.40 per hour. 4. Applied overhead costs to the Work in Process Inventory account. The predetermined overhead rate is $1610 per direct labor hour. 5. Incurred actual overhead costs of $3,200cash 6. Completed work on 1,200 units for $5.50 per unit. 7. Paid $1,170 in selling and administrative expenses in cash. If 8. Sold 1,200 units for $10,400 cash revenue (assume FiFO cost flow) 9. Gibson charges overapplied or underapplied overhead directily to Cost of Goods Sold. Required a. Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. b. Prepare a schedule of cost of goods manufoctured and sold, an income statement, and a balance sheet for Year 2 Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured and sold for Year 2 . Required a. Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. an income statement, and a balance sheet for Year 2 . Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 2. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Year 2