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Jerez Manufacturing Company was started on January 1, Year 1, when it acquired $3,000 cash...

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Accounting

Jerez Manufacturing Company was started on January 1, Year 1, when it acquired $3,000 cash from the issue of common stock. During the first year of operation, $1,800 of direct raw materials was purchased with cash, and $1,100 of the materials was used to make products. Direct labor costs of $2,000 were paid in cash. Perez applied $740 of overhead cost to the Nork in Process account. Cash payments of $740 were were made for actual overhead costs. The company completed Jroducts that cost $2,600 and sold goods that had cost $2,000 for $3,000 cash. Selling and administrative expenses of $580 were paid in cash.
Required
3. Prepare T-accounts and record the events affecting Perez Manufacturing. Include closing entries.
Prepare a schedule of cost of goods manufactured and sold.
Prepare an income statement.
3. Prepare a balance sheet.
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