Moriarty Manufacturing began business on January 1, 2019. The following events pertain to its first year of

Question:

Moriarty Manufacturing began business on January 1, 2019. The following events pertain to its first year of operation:
1. Acquired $4,000 cash by issuing common stock.
2. Paid $1,600 cash for direct raw materials.
3. Transferred $1,000 of direct raw materials to Work in Process Inventory.
4. Paid production employees $1,400 cash.
5. Applied $650 of manufacturing overhead costs to Work in Process Inventory.
6. Completed work on products that cost $2,200.
7. Sold products for $3,200 cash.
8. Recognized cost of goods sold from Event No. 7 of $1,750.
9. Paid $900 cash for selling and administrative expenses.
10. Paid $700 cash for actual manufacturing overhead costs.
11. Made a $400 cash to owners.
12. Closed the Manufacturing Overhead account.
Required
a. Record the preceding 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.

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