The following events apply to Rooney Manufacturing Company, Assume that all transactions are cash transactions unless otherwise indicated Transactions for the Year 1 Accounting Period 1. The company was started on January 1, Year 1, when it acquired $205,000 cash by issuing common stock. 2. The company purchased $48,000 of direct raw materials with cash and used $2,210 of these materials to make its products in January 3. Employees provided 950 hours of labor at $5.90 per hour during January, Wages are paid in cash. 4. The estimated manufacturing overhead costs for Year 1 were $74,480. Overhead is applied on the basis of direct labor hours. The company expected to use 13,300 direct labor hours during Year 1 Calculate an overhead rate and apply the overhead for January to work in process inventory 5. The employees completed work on all inventory items started in January. The cost of this production was transferred to the Finished Goods inventory account. Determine the cost per unit of product produced in January, assuming that a total of 1.850 units of product were started and completed during the month. 6. The company used an additional $37,400 of direct raw materials and 12,800 hours of direct labor at $5.90 per hour during the remainder of Year 1. Overhead was allocated on the basis of direct labor hours, 7. The company completed work on inventory items started between February 1 and December 31, and the cost of the completed Inventory was transferred to the Finished Goods Inventory account. Determine the cost per unit for goods produced between February 1 and December 31, assuming that26,000 units of inventory were produced. If the company desires to earn a gross profit of $3.00 per unit, what price per unit must if charge for the merchandise sold? 8. The company sold 25,000 units of inventory for cash at $10.10 per unit. Determine the number of units in ending inventory and the cost per unit incurred for this inventory 9. Actual manufacturing overhead costs paid in cash were $75,680 10. The company paid $39,100 cash for selling and administrative expenses. 11. Close the Manufacturing Overhead account. 12. Close the revenue and expense accounts Broncos OK Transactions for the Year 2 Accounting Period 1. The company purchased $48,500 of direct raw materials with cash and used $2,650 of these materials to make products in January 2. Employees provided 800 hours of labor at $5.90 per hour during January 3. On January 1, Year 2, Rooney hired a production supervisor at an expected cost of $1170 cash per month. The company paid cash to purchase $4,410 of manufacturing supplies, it anticipated that $4,045 of these supplies would be used by year-end. Other manufacturing overhead costs (production supplies) were expected to total $74,480. Overhead is applied on the basis of direct labor hours. Rooney expected to use 15,300 hours of direct labor during Year 2. Based on this information, determine the total expected overhead cost for Year 2. Calculate the predetermined overhead rate and apply the overhead cost for the January production 4. The company recorded a $1,170 cash payment to the production supervisor 5. The employees completed work on all inventory Items started in January. The cost of this production was transferred to the Finished Goods Inventory account. Determine the cost per unit of product produced in January, assuming that 1,650 units of product were started and completed during the month, 6. During February Year 2, the company used $2,025 of raw materials and 1100 hours of labor at $5.90 per hour. Overhead was Herences allocated on the basis of direct labor hours 7. The company recorded a $1170 cash payment to the production supervisor for February 8. The employees completed work on all inventory items started in February, the cost of this production was transferred to the Finished Goods Inventory account, Determine the cost per unit of product produced in February, assuming that 2,050 units of 9. The company used an additional $40,865 of direct row materials and 13,300 hours of direct labor at $5.90 per hour during the remainder of Year 2. Overhead was allocated on the basis of direct labor hours. 10. The company recorded $11700 of cash payments to the production supervisor for work performed between March 1 and December 31 11. The company completed work on inventory items started between March 1 and December 31. The cost of the completed goods was transferred to the finished Goods Inventory account. Compute the cost per unit of this inventory, assuming that there were 27000 units of inventory produced 12. The company sold 29,000 units of product for $10.40 cash per unit. Assume that the company uses the FIFO inventory cost how method to determine the cost of goods sold 13. The company paid $41,300 cash for selling and administrative expenses 14. As of December 31. Year 2, $455 of production supplies was on hand. 15. Actual cost of other manufacturing overhead was $72,000 cash 16. Close the Manufacturing Overhead account 17. Close the revenue and expense accounts Required a. Post the above transactions for both years to the appropriate T-accounts b. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for each year. Complete this question by entering your answers in the tabs below. Reg A Year 1 Req A Year 2 Red B CGM Reg B Fin Sched Stmts Post the above transactions to the appropriate T-accounts for Year 1. Do not combine the amounts for Direct material, Labor and Overhead as one valu and enter for amounts for respective years and transactions. (Round your intermediate calculations to 2 decimal places and final answers to the neares whole dollar amount.) rences Common Stock Cash 205.000 8 48,000 20 4.7208 6 End. Bal 10. End. Bal 152.280 O Raw Materials Retnined Earnings End Bol End Bal Raw Materials Retained Earnings End. Bal End, Bal Manufacturing Overhead Sales Revenue End. Bal. 0 0 End. Bal. 0 0 Work in Process Cost of Goods Sold 0 0 End. Bal End. Bal Finished Goods Selling and Administrative Expenses End, Bal End. Ball Reg A Year 1 Reg A Year 2 Req B CGM Sched Req B Fin Stmts Post the above transactions to the appropriate T-accounts for Year 2. Do not combine the amounts for Direct material, Labor and Overhead as one o and enter for amounts for respective years and transactions. (Round your intermediate calculations to 2 decimal places and final answers to the near whole dollar amount Cash Common Stock Bog Bal Bog. Bal End. Bal cos End, BC Raw Materials Retained Earnings B: Da Beg Bal End. Bu Ynd. Manufacturing Overhead Sales Revenue Beg Bal Beg Bal End. Bal End. Bal 0 Work in Process Cost of Goods Sold ferences Beg Bal Beg Bal lind, Bal 0 0 End Bul 0 Finished Goods Selling and Administrative Expenses Beg. Bal. Bog. Bal End, Bal 0 0 ences End B Production Supplies Beg Bal End. Bol