The following trial balance was taken from the records of Rooney Manufacturing Company at the beginning of Year 3: Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $ 9,420 780 1,210 2,100 8,450 $ 3,900 8,400 9,660 $21,960 $21,960 Transactions for the Accounting Period 1. Rooney purchased $5,900 of direct raw materials and $360 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $5,600 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. 2. By the end of the year, $5,300 of the accounts payable had been paid in cash. 3. During the year, direct labor amounted to 990 hours recorded in the Wages Payable account at $10.20 per hour. 4. By the end of the year, $9,198 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 $6,448 and 1,040 direct labor hours to be worked. Overhead is allocated based on direct labor hours, which, as indicated in Ev 3, amounted to 990 for the year. 6. Selling and administrative expenses for the year amounted to $990 paid in cash. 7. Utilities and rent for production facilities amounted to $4,650 paid in cash. 8. Depreciation on the plant and equipment used in production amounted to $1,550. 9. There was $11,900 of goods completed during the year. 10. There was $12,150 of finished goods inventory sold for $18,300 cash. 11. A count of the production supplies revealed a balance of $93 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. Req A Req B CGM Sched Req B Inc Stmt Req B Bal Sheet 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. Cash Accounts Payable Beg. Bal. 9,420 5,300 Beg. Bal. End. Bal. End. Bal. 4,120 0 Raw Materials Wages Payable 10,098 Beg. Bal. Beg. Bal. End. Bal. End. Bal. 0 10,098 Manufacturing Overhead Common Stock Beg. Bal. End. Bal. End. Bal. 0 0 Work in Process Retained Earnings Beg. Bal. Beg. Bal. (cl) End. Bal. End. Bal. Finished Goods Sales Revenue Beg. Bal. (cl) End. Bal. 0 0 End. Bal. Production Supplies Cost of Goods Sold (cl) End. Bal. End. Bal. 0 0 Property, Plant, and Equipment Beg. Bal. Selling and Administrative Expenses (cl) End. Bal. End. Bal. 0 0 Accumulated Depreciation Beg. Bal. End. Bal. Prepare a schedule of cost of goods manufactured and sold. ROONEY MANUFACTURING COMPANY Cost of Goods Manfactured and Sold For the Year Ended December, Year 3 Raw materials available 0 Raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Goods available 0 Cost of goods sold 0 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. Reg A Req B CGM Sched Req B Inc Stmt Req B Bal Sheet Prepare an income statement. ROONEY MANUFACTURING COMPANY Income Statement For the Year Ended December, Year 3 $ 0 0 Prepare a balance sheet. (Amounts to be deducted should b ROONEY MANUFACTURING COMPANY Balance Sheet At December, Year 3 Assets Total assets 0 Liabilities Equity Total equity $ 0