Plano Corporation was created on January 1, 2011, when it received a stockholder's contribution of $65,000. It purchased $7,900 of raw materials and worked on three job orders during the year. Data about these jobs follow. (Assume all transactions are for cash unless otherwise indicated.)

The average wage rate is $16 per hour. Manufacturing overhead is applied using a predetermined overhead rate of $7.50 per direct labor hour. Jobs 1 and 3 were completed during the year, and Job 1 was sold for $10,000. Plano paid $1,400 for selling and administrative expenses. Actual factory overhead was $6,000.
Required
a. Record the preceding events in a horizontal statements model. The first event for 2011 has been recorded as an example.

b. Reconcile all subsidiary accounts with their respective control accounts.
c. Record the closing entry for over- or underapplied manufacturing overhead, assuming that the amount is insignificant.
d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2011.

Direct Raw Materials Used Direct Labor Job 1 Job 2 Job 3 Total $ 3,200 4,800 4,480 $2,500 3,200 $7,500 $12,480