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Jordan Manufacturing Corporation was started with the issuance of common stock for $75,000. It purchased...

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Accounting

Jordan Manufacturing Corporation was started with the issuance of common stock for $75,000. It purchased $6,700 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 Materials Used Direct Labor
Job 1 $ 1,100 $ 1,900
Job 2 1,900 3,900
Job 3 2,900 2,000
Total $ 5,900 $ 7,800

Factory overhead is applied using a predetermined overhead rate of $0.70 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,100 cash. Jordan paid $600 for selling and administrative expenses. Actual factory overhead was $5,960.

Required

  1. a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example.

  2. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant.

  3. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.

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