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 when it acquired S205,000 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 I 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 uved an additional S37,400 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 Irwentory account Determine the cost per unit for goods produced between February 1 and December 31, assuming that 26.000 units of inventory were produced. If the company desires to earn a gross promt of $300 per unit what price per unit must it charge for the merchandise sold? 8. The company sold 25.000 units of inventory for cash at $1010 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 $39100 cash for selling and administrative expenses 11. Close the Manufacturing Overhead account 12. Close the revenue and expense accounts 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 300 hours of labor at 55.90 per hour during January 3. On January 1 Year 2. Rooney hired a production supervisor at an expected cost of 51170 cash per month The company paid cash to purchase $4.410 of manufacturing supplies, it anticipated that $4045 of these supplies would be used by year end Other manufacturing overhead costs production supplies were expected to total 574 480 Overhead is applied on the basis of direct labor hours, Rooney expected to use 15,300 hours of direct labor during Year 2 Baned 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 $1970 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 1650 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 tabor at $5.90 per hour Overhead was allocated on the basis of direct labor hours 7. The company recorded a 51170 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 2050 units of product were started and completed during the month 9. The company used an additional $40,865 of direct raw materials and 3.300 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 $11.700 of cash payments to the production supervisor for work performed between March and December 31 11. The company completed work on inventory items started between March 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 29000 units of product for $10.40 cash per unit. Assume that the company uses the FIFO inventory cost flow 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 Cash Common Stock End Bal End Bal Raw Materials Retained Earnings End Bal End Bal Manufacturing Overhead Sales Revenge End Bal 0 0 End Bal 0 Work in Process Cost of Goods Sold End Bal 0 0 End. Bal 0 0 Finished Goods Selling and Administrative Expenses here to search Cash Common Stock Beg Bal Beg Bal End Bal ces [End Bal Raw Materie Retained fringe Beg tal End Endal Manilaching Overhead Safe Begi Begal Endal Endal Work in Process Cost of Goods Sold Beg Bal Beg Bal End. But End Bal Finished Goods Selling and Adeninistrative Expenses Beg Bal Beg Bal End B End Bal Production Supplies Beg B End Bal Req A Year 1 Reg A Year 2 Reg B CGM Sched Red B Fin Stmts Prepare a schedule of cost of goods manufactured and sold. (Round your intermediate calculations to 2 decimal places. Round final answers to the nearest whole dollar amount. 0 0 ROONEY MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold Year 1 Year 2 Beginning raw materials inventory Purchase Raw materials available 0 Ending raw materials inventory Raw materials used 0 Labor Manufacturing overhead Total manufacturing costs 0 Beginning work in process inventory Total work in process inventory 0 Ending work in process inventory Cost of goods manufactured 0 Beginning finished goods inventory Goods available for sale 0 Ending finished goods inventory $ 05 Cost of goods sold 0 0 0 0 0 Complete this question by entering your answers in the tobs below. Reg A Year 1 Req A Year 2 Reg B CGM Sched Req B Fin Stmts Prepare an income statement, and a balance sheet for each year. (Round your intermediate calculations to 2 deomal places Round final answers to the nearest whole dollar amount.) ROONEY MANUFACTURING COMPANY Financial Statements Income Statements Year 1 Year 2 0 0 $ 05 0 Balance Sheets Assets $ 0 $ 0 Total assets Equity 5 Total equity 0 0$ here to search Cash Common Stock Beg Bal Beg Bal End Bal ces [End Bal Raw Materie Retained fringe Beg tal End Endal Manilaching Overhead Safe Begi Begal Endal Endal Work in Process Cost of Goods Sold Beg Bal Beg Bal End. But End Bal Finished Goods Selling and Adeninistrative Expenses Beg Bal Beg Bal End B End Bal Production Supplies Beg B End Bal Req A Year 1 Reg A Year 2 Reg B CGM Sched Red B Fin Stmts Prepare a schedule of cost of goods manufactured and sold. (Round your intermediate calculations to 2 decimal places. Round final answers to the nearest whole dollar amount. 0 0 ROONEY MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold Year 1 Year 2 Beginning raw materials inventory Purchase Raw materials available 0 Ending raw materials inventory Raw materials used 0 Labor Manufacturing overhead Total manufacturing costs 0 Beginning work in process inventory Total work in process inventory 0 Ending work in process inventory Cost of goods manufactured 0 Beginning finished goods inventory Goods available for sale 0 Ending finished goods inventory $ 05 Cost of goods sold 0 0 0 0 0 Complete this question by entering your answers in the tobs below. Reg A Year 1 Req A Year 2 Reg B CGM Sched Req B Fin Stmts Prepare an income statement, and a balance sheet for each year. (Round your intermediate calculations to 2 deomal places Round final answers to the nearest whole dollar amount.) ROONEY MANUFACTURING COMPANY Financial Statements Income Statements Year 1 Year 2 0 0 $ 05 0 Balance Sheets Assets $ 0 $ 0 Total assets Equity 5 Total equity 0 0$