Finch Manufacturing Corporation was started with the issuance of common stock for $$70,000.$ It purchased $$7,200$ of raw materials Req A and C

Req D$1$

Req D$2$

Req D$3$

Prepare a schedule of cost of goods manufactured and sold for Year $1.$

$\backslash$table$[[$FINCH MANUFACTURING CORPORATION$],[$Cost of Goods Manufactured and Sold for Year $1,],[,],[$Raw materials available,$],[,0],[$Raw materials used,$],[,],[,],[$Total manufacturing costs,$],[,],[$Total work in process inventory,$],[,],[$Cost of goods manufactured,$],[,],[$Goods available,$],[,],[$Cost of goods sold,$0]]$ Complete this question by entering your answers in the tabs below.

Req A and C

Prepare an income statement for Year $1.$Complete this question by entering your answers in the tabs below.

Req A and C

Req D$3$

Prepare a balance sheet for Year $1.$

and worked on three job orders during Year $1$ for which data follow. $($Assume that all transactions are for cash unless otherwise

indicated.$)$

Factory overhead is applied using a predetermined overhead rate of $$0\mathrm{.}60$ per direct labor dollar. Jobs $2$ and $3$ were completed

during the period and Job $3$ was sold for $$10,040$ cash. Finch paid $$500$ for selling and administrative expenses. Actual factory

overhead was $$5,140.$

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$-1.$ Prepare a schedule of cost of goods manufactured and sold for Year $1.$

d$-2.$ Prepare an income statement for Year $1.$

d$-3.$ Prepare a balance sheet for Year $1.$

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