Walton Manufacturing Corporation was started with the issuance of common stock for $75,000. It purchased $7,100 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 Total Direct Raw Materials Used $1,000 2,300 2,900 $6,200 Direct Labor $1,900 4,000 1,800 $ 7,700 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $9,380 cash. Walton paid $600 for selling and administrative expenses. Actual factory overhead was $5,020. 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. Complete this question by entering your answers in the tabs below. Req A and C Reg D CGM erhad Reg D Inc Reg D Bal Chant Comt Record the preceding events in a horizontal statements model. Record the closing entry for over- or underapplied manufacturing overhead in the horizont 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. Er with a minus sign.) Manufacturing Overhead Cash + 75,000 + Assets Raw Material Work In Process Finished Goods Equity - Common Retained Stock Earnings 75,000+ Revenue - Expense = Net Income + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + | + + + + 75,000 + 0 = + + 75,000 + + Complete this question by entering your answers in th UL Req A and C Req D CGM Sched Reg D Inc Stmt Reg D Bal Sheet Prepare a schedule of cost of goods manufactured and sold fo WALTON MANUFACTURING CORPORATION Cost of Goods Manufactured and Sold for Year 1 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available 0 Cost of goods sold Req A and C Req D CGM Sched Req D Inc Stmt Req D Bal Sheet Prepare an income statement for Year 1. WALTON MANUFACTURING CORPORATION Income Statement for Year 1 Complete this question by entering your answer Req A and C Req D CGM Sched Req D Inc Stmt Req D Bal Sheet Prepare a balance sheet for Year 1. WALTON MANUFACTURING CORPORATION Balance Sheet for Year 1 Assets $ Total assets Equity Total equity