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.) Direct Raw Direct Materials Used Labor Job 1 $1,400 $2,000 Job 2 2,200 3,700 Job 3 3,300 1,900 Total $6,900 $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 Record the preceding events in a horizontal statements model. Record the closing entry for over- or underapplied manufac amount is insignificant. The first event for Year 1 has been recorded as an example. (Record each item separately. Entero with a minus sign.) Assets Equity Cash Manufacturing Raw Work In Finished Common Retained Overhead Material Process Goods Expens Earnings Revenue Stock 55,000 55,000 Cash Manufacturing Overhead Raw Material Work In Process Finished Goods cyny Common Retained Stock Earnings 55,000 + Revenue - Expens 55,000 + + III + 55,000 0 + 0+ 0+ 0 = 55,000 Work In Process Finished Goods = Equity Common Retained Stock Earnings 55,000 + Revenue - Expense = Net Income + - 11 = + + III 01 + 01 + 01 55.000+ 0 0 012 0 he closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the an example. (Record each item separately. Enter costs of each job individually. Enter any decreases to account balances Equity Common Retained Stock Earnings 55,000 + Revenue Expense = Net Income + 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.) Direct Raw Direct Materials Used Labor Job 1 $1,400 $2,000 Job 2 2,200 3,700 Job 3 3,300 1,900 Total $6,900 $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 Record the preceding events in a horizontal statements model. Record the closing entry for over- or underapplied manufac amount is insignificant. The first event for Year 1 has been recorded as an example. (Record each item separately. Entero with a minus sign.) Assets Equity Cash Manufacturing Raw Work In Finished Common Retained Overhead Material Process Goods Expens Earnings Revenue Stock 55,000 55,000 Cash Manufacturing Overhead Raw Material Work In Process Finished Goods cyny Common Retained Stock Earnings 55,000 + Revenue - Expens 55,000 + + III + 55,000 0 + 0+ 0+ 0 = 55,000 Work In Process Finished Goods = Equity Common Retained Stock Earnings 55,000 + Revenue - Expense = Net Income + - 11 = + + III 01 + 01 + 01 55.000+ 0 0 012 0 he closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the an example. (Record each item separately. Enter costs of each job individually. Enter any decreases to account balances Equity Common Retained Stock Earnings 55,000 + Revenue Expense = Net Income +