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Solomon Corporation makes custom-order furniture to meet the needs of persons with disabilities. On January 1, Year 2, the company had the following account balances: $87,000 for both cash and common stock. In Year 2, Solomon worked on three jobs. The relevant direct operating costs follow. Solomon's predetermined manufacturing overhead rate was $0.40 per direct labor dollar. Actual manufacturing overhead costs amounted to $6,028. Solomon paid cash for all costs. The company completed and delivered Jobs 1 and 2 to customers during the year. Job 3 was incomplete at the end of the yeat. The company sold Job 1 for $16,400 cash and Job 2 for $8,300 cash. Solomon also paid $3,300 cash for selling and administrative expenses for the yeat. Solomon uses a just-in-time inventory management system. Consequently, it does not have raw materials inventory. Raw materials purchases are recorded directly in the Work in Process inventory account. Required a. Record the preceding events in a horizontal statements model. The first row shows beginning balances. b. Record the entry to close the amount of underapplied or overapplied overhead for the year to Cost of Goods Sold (in the expense category) in the horizontal financial statements model. c. Determine the gross margin for the year. Cithse eniuit a inik exvinin? Record the preceding events in a horizontal statements model. The first row shows beginning balances. . Record the entry to close the amount of underapplied or overapplied overhead for the year to Cost of Goods Sold (in the expens category) in the horizontal financial statements model. c. Determine the gross margin for the year: Complete this question by entering your answers in the tabs below. Determine the gross margin for the year

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