Walton Manufacturing Corporation was started with the issuance of common stock for $55,000. It purchased $8,000 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 RAM Materials Used $1,400 2,200 3,300 $6.900 Direct Labor $2,000 3,700 1,900 $7,600 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 $10,240 cash. Walton paid $600 for selling and administrative expenses. Actual factory overhead was $5,160. 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. Reg A and C Req D CGM Sched Reg D Inc Stmt Reg D Bal Sheet Record the preceding events in a horizontal statements model. Record the closing entry for over- or underapplied manufacturing overhead in the amount is insignificant. The first event for Year 1 has been recorded as an example. (Record each item separately. Enter costs of each job individ with a minus sign.) Equity Assets Manufacturing Raw Work in Finished Common Retained Cash Ravenue Expense Not Income Overhead Material Process Goods Stock Earnings 55,000 55,000 55,000 55.000 + 0 - 55,000 Prepare a schedule of cost of goods manufactured and sold for Year 1. WALTON MANDEACTURING CORPORATION Cost of Goods Manufactured and sold for year Raw materials available 0 Raw materials used 0 0 Total manufacturing costs Total work in process inventory 0 Cost of goods manufactured 0 Goods available $ 0 Cost of goods sold Complete this question by entering your answers in the tabs below. Req A and C Req D CGM Sched Req D Inc Stmt Reg D Bal Sheet Prepare an income statement for Year 1. WALTON MANUFACTURING CORPORATION Income Statement for Year 1 0 Req A and C Reg D CGM Sched Req D Inc Stmt Reg D Bal Sheet Prepare a balance sheet for Year 1. WALTON MANUFACTURING CORPORATION Balance Sheet for Year 1 Assets Total assets $ 0 Equity $ 0 Total equity