ROBLEMS-SERIES B Job-Order, Process, and Hybrid Costing Systems 575 om 12-13B Joh-order costine Rodman C oration was created on January 1, 2014, when it received a stockholder's contribu- It purchased $10.500 of raw materials and worked on three job orders during about these jobs follow. (Assume all transactions are for cash unless otherwise LO 12-2 pont of $46.000. It the year. Der indicated.) Direct Raw Materials Used Direct Labor Job 1 Job 2 Job 3 Total $4,000 1,800 3,200 $9,000 $ 4,000 4,800 4,480 $13,280 The average wage rat mined overhead rate erage wage rate is $16 per hour. Manufacturing overhead is applied using a predeter- rhead rate of $7.50 per direct labor hour. Jobs I and 3 were completed during the year, and Job I was sold for $13,000. Rodman paid $1.400 were completed during the year, an paid $1,400 for selling and administrative expenses. Actual factory overhead was $6,000. Required Record the preceding events in a horizontal statements model. The first event for 2014 has been recorded as an example. Assets Equity Cash + Raw M. + MOH + WIP F. Goods + = C. Stk. + Ret. Ear. = 46,000 + NA Rev. - Exp. - Net Inc. NA - NA - NA NA + 46,000 + NA + + NA NA Reconcile all subsidiary accounts with their respective control accounts. 6. Record the closing entry for over- or underapplied manufacturing overhead, assuming that the amount is insignificant. 4. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2014