The following trial balance was taken from the records of Jordan Manufacturing Company at the beginning of 2019: Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $ 9,460 830 1,270 2,170 7,800 $ 3,800 8,200 9,530 $21,530 $21,530 Transactions for the Accounting Period 1. Jordan purchased $6,000 of direct raw materials and $330 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $5,700 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, $5,290 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 $10.30 per hour. 4. By the end of the year, $9,297 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 $6,552 and 1,040 direct labor hours to be worked. Overhead is allocated based on direct labor hours, which, as indicated in Event 3, amounted to 990 for the year. 6. Selling and administrative expenses for the year amounted to $980 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 $1,590. 9. There was $11,400 of goods completed during the year. 10. There was $12,900 of finished goods inventory sold for $18,800 cash. 11. A count of the production supplies revealed a balance of $92 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. 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. Beg. Bal. End. Bal. End. Bal. Raw Materials Wages Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Manufacturing Overhead Common Stock Beg. Bal. End. Bal. End. Bal. 0 0 Work in Process Retained Earnings Beg. Bal. Beg. Bal. End. Bal. End. Bal. Finished Goods Sales Revenue Beg. Bal. End. Bal. End. Bal. Production Supplies Cost of Goods Sold End. Bal. End. Bal. 0 0 Selling and Administrative Expenses Property, Plant, and Equipment Beg. Bal. (cl) End. Bal. End. Bal. 0 0 Accumulated Depreciation Beg. Bal. Prepare a schedule of cost of goods manufactured and sold. IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII JORDAN MANUFACTURING COMPANY Cost of Goods Manfactured and Sold For the Year Ended December, 2019 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available Cost of goods sold Prepare an income statement. JORDAN MANUFACTURING COMPANY Income Statement For the Year Ended December, 2019 $ Prepare a balance sheet. (Amounts to be deducted should be indicated by a minus sign.) JORDAN MANUFACTURING COMPANY Balance Sheet At December, 2019 Assets Total assets Liabilities Equity Total equity