70.2K

Verified Solution

Link Copied!

ONE COMPLETE QUESTION

Exercise 11-14A (Algo) Product cost flow and financial statements LO 11-1, 11-2, 11-3 Walton Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation 1. Acquired $2,500 cash from the issue of common stock 2. Paid $520 cash for direct raw materials. 3. Transferred $420 of direct raw materials to work in process 4. Pald production employees $690 cash. 5. Pald $370 cash for manufacturing overhead costs. 6. Applied $220 of manufacturing overhead costs to work in process, 7. Completed work on products that cost $1,110. 8. Sold products that cost $870 for $1,590 cash 9. Paid $330 cash for selling and administrative expenses. 10. Made a $70 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example, b. Prepare a schedule of cost of goods manufactured and sold. Complete this question by entering your answers in the tabs below. Required A Required B Record these events in a horizontal statements model. The first event is shown as an example. (Enter decreases to account balances with a min Equity y your answers in the tabs below. Required A Required B Event Record these events in a horizontal statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Assets Equity Manufacturing Cash Raw No Work in Finished Overhead Common Materials Retained Process Goods Stock Revenue Net Earning Expense 1 $ 2.500 Income $ 2.500 2 (520) 520. 3 (420) 420 4 (690) 690) - 5. (370) 370 . 0 (220) 220 - 7 (1.100) 1.1001 Ba (1,590) (1.590) 1.500 (1.590) 8. (870) (670) 870 (870) 9 (330). (330) 330- (330) 10. (70) (70) 11 (150) (150) 150 - (150) Total $ (350) $ 0 $ 100 $ 230 - $ (490) $ 2.500 $ 3.010) 5 $ 2.940 $ 2.940) . Required) Complete this question by entering your answers in the ta Required A Required B Prepare a schedule of cost of goods manufactured and sold. WALTON MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, Year 1 0 Raw materials available 0 Raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured Cost of goods available for sale 0 Cost of goods sold

Answer & Explanation Solved by verified expert

See Answer