Req A Req C1 Req C2 Reg C3 Prepare a schedule of cost of goods manufactured and sold for the year. ( 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 0 Ending raw materials inventory Raw materials used Labor 0 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 0 0 S 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 $673.000 Raw Materials Inventory. $53,000. Work in Process Inventory $26.000, Finished Goods Inventory. $60.000. Common Stock $699,000, and Retained Earnings $213.000. 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 $49,000 for raw materials that will be used to make eBook readers 3. Placed $86,000 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 $106,000 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 516,000 salvage value and a seven-year life. The amount of depreciation is computed as [iCost - Salvage + useful life Specifically. ($156,000 - $16.000) - 7 - $20.000 8. Paid $134,000 to purchase manufacturing equipment 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1 Year 2. It has a $29.000 salvage value and a seven-year life. The amount of depreciation is computed as Cost-salvage) - useful dej Specifically ($134,000 - $29.000j + 7 = $15,000 10. Paid S51,000 for rent and utility costs on the manufacturing facility 11. Pald $75,000 for Inventory holding expenses for completed eBook readers trental of warehouse Sonce salaries of warehouse personnel, and other general storage costi 12. Completed and transferred eBook readers that had total cost of $250,000 hom work in process Inventory to finished goods 13. Sold 1,000 eBook readers for $421000 14. It cost Antioch $220.000 to make the eBook readers sold in Event 13 Reg A Reg C1 Req C2 Reg C3 Prepare a formal income statement for the year. ANTIOCH COMPANY Income Statement For the Year Ended December 31, Year 2