The following trial balance was taken from the records of Munoz Manufacturing Company at the beginning of Year 3: Cash Raw materiale inventory Work in process Inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $ 9,410 10 1.260 2,140 8,000 $ 3,900 7,800 9.920 $21,620 321,620 Transactions for the Accounting Perlod 1. Munoz purchased $6,600 of direct raw materials and $390 of indirect raw materials on account. The Indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $6,300 of direct row 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 2. By the end of the year, $5,310 of the accounts payable had been paid in cash 3. During the year, direct labor amounted to 970 hours recorded in the Wages Payable account at $10:10 per hour. 4. By the end of the year, 58,897 of wages payable had been paid in cash 5. At the beginning of the year, the company expected overhead cost for the period to be $6,018 and 1.020 direct labor hours to be worked. Overhead is allocated based on direct labor hours, which, as indicated in Event 3, amounted to 970 for the year 6. Selling and administrative expenses for the year amounted to $910 paid in cash 7. Utilities and rent for production facilities amounted to $4,750 paid in cash. 8. Depreciation on the plant and equipment used in production amounted to 51,580. 9. There was $11,500 of goods completed during the year 10. There was $12,000 of finished goods inventory sold for $18,800 cash. 11. A count of the production supplies revealed a balance of $89 on hand at the end of the year 12. Any over- or underapplied overhead is considered to be insignificant Required a. Prepare T-accounts 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 Complete this question by entering your answers in the tabs below. Sumt Sheet ReqA Req B CGM Rog B Inc Reg B Bal Sched Prepare T-accounts with the beginning batances shown in the preceding list and record all transactions for the year including closing entries in the T-accounts Cash Accounts Payable Bog. Bar Beg Bal End, Bal End. Bal Raw Materials Wages Payable Beg Bal Beg Bal End, Bal End. Manufacturing Overhead Common Stock Beg. Bal. End. Bal. End. Bal. Work in Process Retained Earnings Beg. Bal. Beg. Bal. (cl) End. Bal. End. Bal Finished Goods Sales Revenue Beg. Bal. (cl) End. Bal. End. Bal. Production Supplies Cost of Goods Sold (cl) End. Bal. End. Bal. Property, plant, and Equipment Beg. Bal. Selling and Administrative Expenses (cl) End. Bal. End. Bal. Accumulated Depreciation Beg. Bal. End. Bal. C RogA Req B CGM Sched > Req A Req B CGM Sched Req B Inc Stmt Req B Bal Sheet Prepare a schedule of cost of goods manufactured and sold. MUNOZ MANUFACTURING COMPANY Cost of Goods Manfactured and Sold For the Year Ended December, Year 3 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available Cost of goods sold Complete this question by entering your answers in the tabs below. Req B Bal Sheet Req A Req B CGM Req B Inc Sched Stmt Prepare an income statement. MUNOZ MANUFACTURING COMPANY Income Statement For the Year Ended December, Year 3