Walton Construction Company began operations on January 1, Year 1, when it acquired $16,000 cash from the issuance of common stock During the year, Walton purchased $2.300 of direct raw materials and used $2,200 of the direct materials. There were 108 hours of direct labor worked at an average rate of $8 per hour paid in cash. The predetermined overhead rate was $4.00 per direct labor hout. The company started construction on three prefabricated buildings. The job cost sheets reflected the following allocations of costs to each building Job Job 2 Job 3 Direct Haterials $ 400 1.000 300 Direct Labor ifeats 30 40 30 The company paid $58 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $364 Walton completed Jobs 1 and 2 and sold Job 1 for $1.390 cash. The company incurred $160 of seling and administrative expenses that were paid in cash Over or underapplied overhead is closed to cost of Goods Sold 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 modet, 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 Complete this question by entering your answers in the tabs below. Reg DCOM Reg D Inc RGA and ReG DB Sched St Sheet Record the preceding events in a horizontal statements model. Record the closing entry for over or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. The first event for Year 1 has been recorded as an example, (Record each cost category for the jobs in total. When entering cost data, please combine all job.costs of direct raw materials, direct labor, and manufacturing overhead respectively into one entry for each job. Enter any decreases to account balances with a minus sign) Show less Walton Construction Company began operations on January 1, Year 1, when it acquired $16,000 cash from the issuance of common stock. During the year, Wolton purchased $2,300 of direct raw materials and used $2,200 of the direct materials. There were 108 hours of direct labor worked at an average rate of $8 per hour paid in cash. The predetermined overhead rate was $4.00 per direct Inbor hour. The company started construction on three prefabricated buildings. The job cost sheets reflected the following allocations of costs to each building Job 1 Job 2 Job Direct Materiale 5 400 1.000 Direct Labor Hours 30 40 30 800 The company paid $58 cash for indirect labor costs. Actual overhead cost paid in cash other than Indirect labor was $364 Walton completed Jobs 1 and 2 and sold Job 1 for $1.390 cash. The company incurred $160 of selling and administrative expenses that were paid in cash. Over or underapplied overhead is closed to cost of Goods Sold 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 batance sheet for Your 1 Complete this question by entering your answers in the tabs below. ROG A and Reg D COM Sched Red Dine Stm Reg D B Sheet
