Problem 11-19A Manufacturing cost flow for one-year perlod LO 11-1, 11-2, 11-3 Benson Manufacturing started in 2018 with the following account balances: Cash Common stock Retained earnings Raw materials inventory Work in process Finished goods inventory (328 units $6.18 each) $5,600 3,682 5,988 1,288 838 1,952 inventory Transactions during 2018 1. Purchased $2,920 of raw materials with cash. 2. Transferred $3,850 of raw materials to the production department. 3. Incurred and paid cash for 230 hours of direct labor@ $15.70 per hour. 4. Applied overhead costs to the Work in Process Inventory account. The predetermined overhead rate is $16.50 per direct labor hour 5. Incurred actual overhead costs of $3,900 cash 6. Completed work on 1,300 units for $5.70 per unit. 7. Paid $1,040 in selling and administrative expenses in cash. 8. Sold 1,300 units for $10,400 cash revenue (assume FIFO cost flow). 9. Benson charges overapplied or underapplied overhead directly to Cost of Goods Sold. Requirec 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 2018 Complete this question by entering your answers in the tabs below Req B CGM Sched Req B IncReq B Bal Req A Stmt Sheet Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. (Enter decreases to account balances with a minus sign Assets Equity RetainedRevenue Ea Event Cash + Work in Finished Goods Raw - ExpenseNet Income Stock B.B S 5,600+ 830| +| $ 1.952:| $ 3.882| |$ 5.900 2