Required information The following information applies to the questions displayed below) Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $667,000, Raw Materials Inventory. $59,000, Work in Process Inventory, $22,000, Finished Goods Inventory. $60,000 Common Stock, $595,000, and Retained Earnings, $213,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions 1. Paid $32,000 of research and development costs. 2. Paid $58,000 for raw materials that will be used to make eBook readers. 3. Placed $90,000 of the raw materials cost into the process of manufacturing eBook readers. 4. Paid $76,000 for salaries of selling and administrative employees. 5. Paid $103,000 for wages of production workers. 6. Paid $80,000 to purchase equipment used in selling and administrative offices. 7. Recognized depreciation on the office equipment. The equipment was acquired on January 1, 2018. It has a $10,000 salvage value and a seven-year life. The amount of depreciation is computed as [(Cost-salvage) - useful life). Specifically. ($80,000 - $10,000) - 7 = $10,000. 8. Paid $148,000 to purchase manufacturing equipment. 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, 2018. It has a $20,000 salvage value and a eight-year life. The amount of depreciation is computed as [(Cost-salvage) - useful Common Stock, $595,000, and Retained Earnings. $213,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions 1. Paid $32,000 of research and development costs. 2. Paid $58,000 for raw materials that will be used to make eBook readers. 3. Placed $90,000 of the raw materials cost into the process of manufacturing eBook readers. 4. Paid $76,000 for salaries of selling and administrative employees. 5. Paid $103,000 for wages of production workers. 6. Paid $80,000 to purchase equipment used in selling and administrative offices 7. Recognized depreciation on the office equipment. The equipment was acquired on January 1, 2018. It has a $10,000 salvage value and a seven-year life. The amount of depreciation is computed as [(Cost-salvage) useful life). Specifically. ($80,000 - $10,000) - 7 = $10,000. 8. Paid $148,000 to purchase manufacturing equipment. 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, 2018. It has a $20,000 salvage value and a eight-year life. The amount of depreciation is computed as [(Cost-salvage) - useful life). Specifically. ($148,000 - $20,000) - 8 = $16.000. 10. Paid $51,000 for rent and utility costs on the manufacturing facility 11. Paid $79,000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries of warehouse personnel, and other general storage cost). 12. Completed and transferred eBook readers that had total cost of $244,000 from work in process inventory to finished goods. 13. Sold 880 eBook readers for $428,000. 14. It cost Antioch $140,800 to make the eBook readers sold in Event 13. Required information c-1. Prepare a schedule of cost of goods manufactured and sold for the year. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. ANTIOCH COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2018 Beginning raw materials Inventory $ 59,000 Purchases 58,000 Raw materials available 117.000 Ending raw materials inventory 20,000 Raw materials used 137.000 Labor 103,000 Overhead 51,000 Total manufacturing costs 291,000 Beginning work in process 22.000 inventory Total work in process inventory 313.000 Required information ANTIOCH COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2018 Beginning raw materials Inventory 59,000 Purchases 58,000 Raw materials available 117,000 Ending raw materials inventory 20,000 X Raw materials used 137,000 Labor 103,000 Overhead 51,000 X Total manufacturing costs 291,000 Beginning work in process 22,000 inventory Total work in process inventory 313,000 Ending work in process inventory Cost of goods manufactured 313,000 Beginning finished goods inventory 60.000 Goods available 373,000 Ending finished goods inventory Cost of goods sold 373,000 c-2. Prepare a formal income statement for the year. X Answer is not complete. ANTIOCH COMPANY Income Statement For the Year Ended December 31, 2018 Sales revenue $ 428,000 Cost of goods sold 140,800 Gross margin 287,200 Selling and administrative expense Required information c-3. Prepare a balance sheet for the year. * Answer is not complete. ANTIOCH COMPANY Balance Sheet As of December 31, 2018 Assets Cash 10.000 Raw materials inventory Work in process inventory Finished goods inventory Office equipment Manufacturing equipmen s 10.000 Total assets Stockholders Equity Common stock Retained earnings Total stockholders equity