The first chart is correct. Just need the answers i got wrong corrected.
Neturn to question Fanning Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $6.900 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.) Job 1 Job 2 Job 3 Total Direct Raw Materials Used $1,000 2,000 2,800 $5,800 Direct Labor $1,900 3,700 2,100 $7,700 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 $10,160 cash. Fanning paid $700 for selling and administrative expenses. Actual factory overhead was $4.920 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 1. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg D CGM Reg D Inc Req D Bal Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Manufacturing Overhead Row Material Work in Process . Finished Goods Equity Ratuned Earnings Common Steel 60,000 Canh 60,000 (6,900) Revenue . . + . + . + . . 6,900 (1,000). (2.000) (2,800) . . . 1,000+ 2,000 2.800 1.800 3.700 2.100 (1,900) + + (3,700) (2,100) 10,160 (700) (4,020) + + 10,100 + . + 4.920 + + + + + . + + . + + . + + + + + + 49.940 + 0 0 4,920 1,100 13,500 60.000 + 10.160 COM Sched Prev 1 of 2 : Next > 1 Req A and C Reg D CGM Req D Inc Reg D Bal Sched Stmt Sheet Prepare a schedule of cost of goods manufactured and sold for Year 1. FANNING MANUFACTURING CORPORATION Cost of Goods Manufactured and sold for Year 1 Purchases $ 6,900 Beginning raw materials inventory Raw materials available 6,900 Ending raw materials inventory 1,100 Raw materials used 5,800 Manufacturing overhead 4,920 Labor 7,700 Total manufacturing costs 18,420 Beginning work in process inventory Total work in process inventory 18,420 Ending work in process inventory 13,500 Cost of goods manufactured 4,920 0 Beginning finished goods Goods available 4,920 0 Ending finished goods 4,920 Cost of goods sold 0 > d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a ba Answer is not complete. Complete this question by entering your answers in the tabs below. Req A and C Reg D CGM Sched Req D Inc Stmt Rek, D Bal Sheet Prepare a balance sheet for Year 1. FANNING MANUFACTURING CORPORATION Balance Sheet for Year 1 Assets Cash 49,940 Finished goods inventory 1,100 Raw material inventory Work in process inventory 0 0 0 $ 51,040 Total assets Equity Common stock Retained earnings 60,000 0 0 Total equity 60,000 Prev 1 of 2 Next >
