TB Problem Qu. 3A-18 (Algo) Gilkison Corporation uses a job-order costing... Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 :55 Assets: Cash Raw materials Work in process Finished goods Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity: Accounts payable Retained earnings Total liabilities and stockholders' equity Summaries of the transactions completed during October appear below: $ 66,950 (1) Raw materials purchased on account (2) Raw materials used in production (direct materials) $50,950 (3) Raw materials used in production (indirect materials) $ 7,475 (4) Direct labor paid in cash $ 95,950 (5) Indirect labor paid in cash $ 25,950 (6) Selling and administrative salaries paid in cash (7) Factory utility costs (on account) $ 30,950 $ 12,950 $ 10,950 $ 2,475 (8) Depreciation on PP&E-manufacturing equipment (9) Depreciation on PP&E-selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production. (12) Cost of goods manufactured (13) Cash sales (14) Cost of goods sold, (15) Cash payments to creditors (16) Overapplied (underapplied) overhead Required: a. Complete the spreadsheet below. $ 15,950 $ 59,850 $196,950 $288,000 $205,950 $ 81,950 b. Prepare a Schedule of Cost of Goods Sold for the company for October. c. Prepare an Income Statement for the company for October. $ 10,950 $ 2,150 15,950 19,950 38,050 229,950 $278,950 $ 15,475 263,475 $278,950