Walton Manufacturing Company was started on January 1, Year 1, when it acquired $3.700 cash from the issue of common stock. During the first year of operation, $2,500 of direct raw matenals was purchased with cash, and $1,450 of the materials was used to make products. Direct labor costs of $2,700 were paid in cash. Walton applied $810 of overhead cost to the Work in Process account. Cash payments of $810 were were made for actual overhead costs. The company completed products that cost $3.300 and sold goods that had cost $2,560 for $3,700 cash. Selling and administrative expenses of $650 were paid in cash. Required o. Prepare T-accounts and record the events affecting Walton Manufacturing. Include closing entries. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement. b3. Prepare a balance sheet. Prepare T-accounts and record the events affecting Walton Manufacturing. Include closing entries. Prepare a schedule of cost of goods manufactured and sold. Complete this question by entering your answers in the tabs below. Prepare an income statement. Prepare a balance sheet