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3) Redmond Manufacturing Company began operations on January 1. The Company was affected by the...

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Accounting

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3) Redmond Manufacturing Company began operations on January 1. The Company was affected by the following events during its first year of operation: a) Company issued stock to owners for $100,000 cash. b) Purchased materials, $8,000 for cash. c) Transferred $4,000 of direct materials to production (Job #1 : $3,000; Job #2: $1,000). d) Paid direct labor costs, $5,000 (Job # 1: $2,500; Job #2: $2,500). e) Paid $3,000 cash for various actual overhead costs. f) Allocated overhead to work in process at 60% of direct labor cost. g) Completed Job #1 and transferred it to Finished Goods. h) Sold Job #1 for $8,400 cash. i) Paid S200 cash for selling and administrative expenses. Required: 1) Record the above events in the T-accounts provided. Label your transactions (a) -(). 2) Determine the ending balance in the work in process account. 3) Prepare a schedule of cost of goods manufactured and sold. 4) Compute the amount of gross profit earned on Job #1

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