The following accounting events affected Jordan Manufacturing Company during its first three years of operation Assume that all transactions are cash transactions, Transactions for Year 1 1. Started manufacturing company by Issuing common stock for $3,600. 2. Purchased $1,250 of direct raw materials. 3. Used $780 of direct raw materials to produce Inventory 1. Paid $360 of direct labor wages to employees to make inventory 3. Applied $290 of manufacturing overhead cost to Work in Process Inventory 3. Finished work on Inventory that cost $990. 1. Sold goods that cost $640 for $1,140. 3. Paid $330 for selling and administrative expenses. ). Actual manufacturing overhead cost amounted to $222 for the year. Transactions for Year 2 1. Acquired additional $1,700 of cash from common stock. 2. Purchased $1,270 of direct raw materials, 3. Used $1,270 of direct raw materials to produce Inventory. 1. Paid $560 of direct labor wages to employees to make inventory 3. Applied $290 of manufacturing overhead cost to Work in Process Inventory. 5. Finished work on inventory that cost $1,850, 1. Sold goods that cost $1,580 for $2,890. 3. Pald $410 for selling and administrative expenses. ). Actual manufacturing overhead cost amounted to $340 for the year Check Transactions for Year 3 1. Paid a cash dividend of $700. 2. Purchased $1,450 of direct raw materials. 3. Used $1,130 of direct raw materials to produce inventory. 4. Pald $380 of direct labor wages to employees to make inventory. 5. Applied $340 of manufacturing overhead cost to work in process. 6. Finished work on inventory that cost $2,000. 7. Sold goods that cost $2,350 for $3,560. 8. Paid $670 for selling and administrative expenses. 9. Annual manufacturing overhead costs were $260 for the year. Required a.c.&d. Record the preceding events in horizontal statements models for each of the three years. Close overapplied or underapplied overhead to Cost of Goods Sold. Close appropriate accounts for Year 1. Year 2, and Year 3. In Year 1, the first event is shown as an example, b.&d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet as of the close of business on December 31, Year 1. Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Year 1 Horizontal Year 2 Horizontal Year 3 Horizontal CGM Schedule Financial Stmts Record the preceding events in horizontal statements models for each of the three years. Close overapplied or underapplied overhead to cost of Goods Solo first event is shown as an example. (Enter decreases to account balances with a minus sign.) Year 3 Horizontal Assets Equity Event No. Cash Raw Materials Manufacturing Overhead Cost Work in Process Finished Goods Common Stock Retaining Earnings Revenue Expenses Net Income 1 $ 3,600 $3,600 2 + 3 . 4 5 + + 6 + . 7a 76 8 9 CL Total Year 2forleontal Complete this question by entering your answers in the tabs below. Year 2 Year 1 Horizontal Year 3 Horizontal CGM Schedule Horizontal Financial Stmts Record the preceding events in horizontal statements models for each of the three years. Close overapplied or underapplied overhead to cost of Good Year 1, the first event is shown as an example. (Enter decreases to account balances with a minus sign.) Assets Equity Event No. Raw Materials Manufacturing Overhead Cash Work in Process Finished Goods Common Stock Retaining Earnings Revenue Expenses Net Income Cost B.B 1 2 3 5 6 70 7b . 8 . . 9 + CL Total + + Prev 1 of 3 dit Next > Year 1 Horizontal Year 2 Horizontal Year 3 Horizontal CGM Schedule Financial Stmts Record the preceding events in horizontal statements models for each of the three years. Close overapplied or underapplied overhead to Cost of Goods Sold Close approp Year 1, the first event is shown as an example, (Enter decreases to account balances with a minus sign.) Assets Equity Event No Cash Raw Materials Manufacturing Overhead Cost Work in Process Finished Goods Common Stock Retaining Earnings Revenue Expenses Net Income BB 1 2 3 4 5 6 7a 7b 8 9 CL Total Year 3 Horizontal Year 1 Horizontal Year 2 Horizontal Year 3 Horizontal CGM Schedule Financial Stmts Prepare an income statement and a balance sheet as of the close of business on December 31, Year 1, Year 2 and Year 3. JORDAN MANUFACTURING COMPANY Financial Statements Year 1 Year 2 Year 3 Income Statements Balance Sheets Assets Total assets Equity Total equity