Problems Saved Help Save & Exit Submit Check my work Franklin Manufacturing Corporation was started with the issuance of common stock for $75,000. It purchased $7,100 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Direct Raw Direct Materials Used Labor Job 1 $ 900 $2,000 Job 2 1,800 3,800 Job 3 3,300 2,000 Total $6,000 $7,800 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,200 cash. Franklin paid $400 for selling and administrative expenses. Actual factory overhead was $5,080. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year Problems Saved Help Save & Exit Submit Check my work d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1. Complete this question by entering your answers in the tabs below. Req A and C Reg DCGM Reg D Inc Stmt Reg D Bal Sheet Sched 5 Prepare a schedule of cost of goods manufactured and sold for Year 1. FRANKLIN MANUFACTURING CORPORATION Cost of Goods Manufactured and sold for Year 1 Raw materials available 0 Raw materials used 0 Total manufacturing costs 0 Problems Saved Help Save & Exit Submit Check my work Cost of Goods Manufactured and sold for Year 1 Raw materials available 0 Raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Goods available Cost of goods sold oblems Saved Help Save & Exit Submit Check my work Cost of Goods Manufactured and Sold for Year 1 0 Beginning finished goods Beginning raw materials inventory Beginning work in process inventory Ending finished goods 0 Total work in process inventory 0 Cost of goods manufactured 0 Goods available 0 Cost of goods sold $ Help Check my work FRANKLIN MANUFACTURING CORPORATION Cost of Goods Manufactured and sold for Year 1 0 Ending finished goods Ending raw materials inventory Ending work in process inventory K Labor ces Manufacturing overhead 0 Purchases Total work in process inventory 0 Cost of goods manufactured 0 Goods available 0 Cost of goods sold S 0