the followin gis teh questiin

The following trial balance was taken from the records of Vernon Manufacturing Company at the beginning of Year 3: Cash $ 9,466 Raw materials inventory 866 Work in process inventory 1,296 Finished goods inventory 2,126 Property, plant, and equipment 8,356 Accumulated depreciation $ 3,566 Common stock 8,666 Retained earnings 16,466 Total $21,966 $21,966 Transactions for the Accounting Period 1. Vernon purchased $6,700 of direct raw materials and $340 ofindirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $6,400 of direct raw materials had been used for production during the period. The use of indirect materials is determined at the end of the year by physically counting the supplies on hand. . By the end of the year, $5,350 ofthe accounts payable had been paid in cash. . During the year, direct labor amounted to 980 hours recorded 'In the Wages Payable account at $10.20 per hour. . By the end of the year, $9,096 of wages payable had been paid in cash. . At the beginning ofthe year, the company expected overhead cost for the period to be $6,180 and 1,030 direct labor hours to be worked Overhead is allocated based on direct labor hours, which, as indicated in Event 3, amounted to 980 for the year. .Selling and administrative expenses for the year amounted to $1,000 paid in cash. 7. Utilities and rent for production facilities amounted to $4, 740 paid in cash. 8. Depreciation on the plant and equipment used in production amounted to $1,550. 9. There was $11,000 of goods completed during the year. 10. There was $12,150 of finished goods inventory sold for $18,700 cash. 11. A count of the production supplies revealed a balance of $97 on hand at the end of the year. 12. Any over or underapplied overhead is considered to be insignificant. ( lb 00 h) sh Required 3. Prepare Taccounts with the beginning balances shown in the preceding list and record all transactions for the year including closing entries in the T-accounts. b. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet