Finch Manufacturing Corporation was started with the issuance of common stock for $75,000. It purchased $7,300 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Job 1 Job 2 Job 3 Direct Raw Materials Used $1,100 2,300 3,000 $6,400 Direct Labor $1,900 3,700 2,100 $ 7,700 Total Factory overhead is applied using a predetermined overhead rate of $0.70 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,370 cash. Finch paid $600 for selling and administrative expenses. Actual factory overhead was $5,690. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1. Record the preceding events in a horizontal statements model. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements m amount is insignificant. The first event for Year 1 has been recorded as an example. (Record each item separately. Enter costs of each job individually. Enter any decrease with a minus sign.) Assets Raw Material Manufacturing Overhead Cash Equity Common Retained Stock Work In Process + Finished Goods Revenue = Net Income Expense Earnings 75,000 + + 75,000 + + + * -1 + IE = + +1 =1 + + + = + + + + =1 + + + + = = =1 + =r = 1 + + + + + + 75,000 + 0+ 0 + 0+ 0 = 75,000 + 0 0 - 0 = = 0