The following trial balance was taken from the records of Fairport Manufacturing Company at the beginning of Year 3.

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Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $43,400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 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, $10,500 of the accounts payable had been paid in cash. 3. During the year, direct labor amounted to 950 hours recorded in the Wages Payable account at $21 per hour. 4. By the end of the year, $18,000 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 $12,600 and 1,000 direct labor hours to be worked. Overhead is allocated based on direct labor hours, which, as indicated in Event 3, amounted to 950 for the year. 6. Selling and administrative expenses for the year amounted to $1,800 paid in cash. 7. Utilities and rent for production facilities amounted to $9,300 paid in cash. 8. Depreciation on the plant and equipment used in production amounted to $3,000. 9. There was $24,000 of goods completed during the year. 10. There was $25,500 of finished goods inventory sold for $36,000 cash. 11. A count of the production supplies revealed a balance of $178 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 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 th 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. (cl) End. Bal. End. Bal. Finished Goods Sales Revenue Beg. Bal. (cl) End. Bal. 0 End. Bal. Production Supplies Cost of Goods Sold (cl) End. Bal. End. Bal. 0 0 Property, Plant, and Equipment Selling and Administrative Expenses (cl) Beg. Bal. End. Bal. End. Bal. 0 0 Accumulated Depreciation Beg. Bal. Req A Req B CGM Sched Reg B Inc Stmt Reg 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. Accounts Payable Cash 20,000 0 Beg. Bal 10. Beg. Bal 2. 36,000 10,500 12,000 1. 10,5002 18,00014 . 1,80016 9,3007 End. Bal 0 1,500 End. Bal 16,400 0 Raw Materials Beg Bal 1,800 11,400 Beg. Bal 4. Wages Payable 0 18,000 19,9503 1. 10,8001 End. Bal 2,400 0 End, Bal 0 1.950 Common Stock 16,800 7. Beg. Bal Manufacturing Overhead 9,300 11,970 5. 3,000 75212 . 422 8. 11. End. Bal 0 16,800 End. Bal 0 0 Beg. Bal Beg. Bal 1. Work in Process 2,400 10,800 24,000 9. 19,950 11,970 Retained Earnings 20,600 7,948 (c) 3 5. End. Bal 0 28,548 End. Bal. 21,120 0 Finished Goods 4,200 24,000 25,50010 Sales Revenue 36,000 36,000 10. Beg Bal 9. (cl) End. Bal 0 0 0 End. Bal 2,700 0 Cost of Goods Sold Production Supplies 600 42211 1. (cl) 10. End. Bal 178 0 12. 25,500 752 26.252 End. Bal Property, Plant, and Equipment Beg. Bal. 15,000 Selling and Administrative Expenses 1,800 1,800 (c) 6. End. Bal 15,000 0 End. Bal 0 0 Accumulated Depreciation 6,000 Beg. Ball 3,0008 End. Bal. 0 9,000