Thornton Corporation makes custom-order furniture to meet the needs of persons with disabilities. On January 1, Year 2the company had the following account balances: $87,000 for both cash and common stock. In Year 2, Thornton worked on three jobs. The relevant direct operating costs follow. Job 1 2 3 Total Direct Labor $ 4,300 $15,188 Direct Materials $ 4,400 $ 11,580 Thorntons predetermined manufacturing overhead rate was $ 0.40 per direct labor dollar . Actual manufacturing overhead costs amounted to $5,784 . Thornton paid cash for all costs . The company completed and delivered Jobs 1 and 2 to customers during the year . Job 3 was incomplete at the end of the year . The company sold Job 1 for $16.400 cash and Job 2 for $8,500 cash Thornton also paid $3,500 cash for selling and administrative expenses for the year . Thornton uses a just -in-time inventory management system . Consequently does not have raw materials inventory Raw materials purchases are recorded directly in the Work in Process Inventory account

a. Record the preceding events in a horizontal statements model. The first row shows beginning balances. b. Record the entry to close the amount of underapplied or overapplied overhead for the year to cost of Goods Sold (in the expense category) in the horizontal financial statements model. c. Determine the gross margin for the year. Complete this question by entering your answers in the tabs below. Reg A and B Reqc Record the preceding events in a horizontal statements model. The first row shows beginning balances. Record the entry to close the amour for the year to Cost of Goods Sold (in the expense category) in the horizontal financial statements model. (Enter costs of each job individual balances with a minus sign.) Cash Assets Work in Finished Process Goods + Manufacturing Overhead Equity Common Stock 87,000+ Retained Earnings Revenue Expense = 87,000 + Net Income + + + Prev 2 of 3 Next > search OBI CH a 10 pter 12 Homework Saved Help Save & Exit Submit Check my work 2 Thornton Corporation makes custom-order furniture to meet the needs of persons with disabilities. On January 1. Year 2, the company had the following account balances: $87,000 for both cash and common stock. In Year 2. Thornton worked on three jobs. The relevant direct operating costs follow 66 les hod Job 1 Job 2 Job) Total Direct Labor $ 4,300 2,000 8,000 $15,100 Direct Materials $ 5,000 2.100 look $11,500 ces Thornton's predetermined manufacturing overhead rate was $0.40 per direct labor dollar Actual manufacturing overhead costs amounted to $5,784. Thornton pold cash for all costs. The company completed and delivered Jobs 1 and 2 to customers during the year Job 3 was incomplete at the end of the year The company told Job 1 for $16,400 cash and Job 2 for $8,500 cash Thornton also paid $3,500 cash for selling and administrative expenses for the year Thornton uneta justin time inventory management system Consequently. It does not have raw materia inventory Raw materiais purchases are recorded directly in the Work in Process Inventory account Required a. Record the preceding events in a horizontal statements model. The first row shows beginning balances Mall has new messages Help Save & Exit Saved k 0 Check my Work in Process Cash Finished Goods Manufacturing Overhead Retained Earnings Revenue Net Income Expense = Common Stock 87,000 + It 87.000 + + + + + + + + + no + - O . a. Record the preceding events in a horizontal statements model. The first row shows beginning balances. b. Record the entry to close the amount of underapplied or overapplied overhead for the year to cost of Goods Sold (in the expense category) in the horizontal financial statements model. c. Determine the gross margin for the year. Complete this question by entering your answers in the tabs below. Reg A and B Reqc Record the preceding events in a horizontal statements model. The first row shows beginning balances. Record the entry to close the amour for the year to Cost of Goods Sold (in the expense category) in the horizontal financial statements model. (Enter costs of each job individual balances with a minus sign.) Cash Assets Work in Finished Process Goods + Manufacturing Overhead Equity Common Stock 87,000+ Retained Earnings Revenue Expense = 87,000 + Net Income + + + Prev 2 of 3 Next > search OBI CH a 10 pter 12 Homework Saved Help Save & Exit Submit Check my work 2 Thornton Corporation makes custom-order furniture to meet the needs of persons with disabilities. On January 1. Year 2, the company had the following account balances: $87,000 for both cash and common stock. In Year 2. Thornton worked on three jobs. The relevant direct operating costs follow 66 les hod Job 1 Job 2 Job) Total Direct Labor $ 4,300 2,000 8,000 $15,100 Direct Materials $ 5,000 2.100 look $11,500 ces Thornton's predetermined manufacturing overhead rate was $0.40 per direct labor dollar Actual manufacturing overhead costs amounted to $5,784. Thornton pold cash for all costs. The company completed and delivered Jobs 1 and 2 to customers during the year Job 3 was incomplete at the end of the year The company told Job 1 for $16,400 cash and Job 2 for $8,500 cash Thornton also paid $3,500 cash for selling and administrative expenses for the year Thornton uneta justin time inventory management system Consequently. It does not have raw materia inventory Raw materiais purchases are recorded directly in the Work in Process Inventory account Required a. Record the preceding events in a horizontal statements model. The first row shows beginning balances Mall has new messages Help Save & Exit Saved k 0 Check my Work in Process Cash Finished Goods Manufacturing Overhead Retained Earnings Revenue Net Income Expense = Common Stock 87,000 + It 87.000 + + + + + + + + + no + - O