Comprehensive Problem (Algo) LO 11-1, 11-2, 11-3, 11-4

Rooney Modems, Inc. acquired a subsidiary named Anywhere, Inc. (AI). AI manufactures a wireless modem that enables users to access the Internet through cell phones. The following trial balance was drawn from the accounts of the subsidiary.

Cash	$	194,900
Raw materials inventory		3,890
Work in process inventory		5,850
Finished goods inventory		6,820
Common stock					$	125,710
Retained earnings						85,750
Totals	$	211,460			$	211,460

The subsidiary completed the following transactions during Year 2.

1. Paid $58,470 cash for direct raw materials.
2. Transferred $48,730 of direct raw materials to work in process.
3. Paid production employees $77,970 cash.
4. Applied $51,640 of manufacturing overhead costs to work in process.
5. Completed work on products that cost $158,810.
6. Sold products that cost $139,320 for $177,330 cash. Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b.
7. Paid $19,490 cash for selling and administrative expenses.
8. Actual overhead costs paid in cash amounted to $53,580.
9. Closed the Manufacturing Overhead account. The amount of over- or underapplied overhead was insignificant (immaterial).
10. Made a $4,850 cash distribution to the owners.

Help Seved Complete this question by entering your answers in the tabs below. Reg Res Reg Cinc Stmt Reg C Bal Sheet For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example (Enter decreases to account balances with a Balance Sheet Income Statement Expense Net Income Revenue Manufacturing Overhead Raw Materials $ 3.890 Work in Process $ 5,850 Finished Goods $ 6,820- Equity Common Retained Stock Earnings $ 125,710 5 85.750 $ 104,900 2 3 4 5 + 1 10 1 3.8901 3 5.650 58,820 S 125,710 + 385,750 11,900 Req> E Reg C Bal Reg A Reg Cinc Stmt Red B Sheet Prepare a schedule of cost of goods manufactured and sold. ANYWHERE, INC Schedule of Cost of Goods Manufactured and Sold For Year Ended December 31 Year 2 Raw materials available for use 0 Direct raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Cont of goods available for sale 0 Cost of goods sold $ 0 Complete this question by entering your answers in the tabs below. Reg A Reg B Reg C Inc Reg C Bal Sheet Stmt Prepare an income statement. ANYWHERE, INC Income Statement For Year Ended December 31. Year 2 0 $ 0 E Reg C Bal Reg A Reg Cinc Stmt Red B Sheet Prepare a schedule of cost of goods manufactured and sold. ANYWHERE, INC Schedule of Cost of Goods Manufactured and Sold For Year Ended December 31 Year 2 Raw materials available for use 0 Direct raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Cont of goods available for sale 0 Cost of goods sold $ 0 Complete this question by entering your answers in the tabs below. Reg A Reg B Reg C Inc Reg C Bal Sheet Stmt Prepare an income statement. ANYWHERE, INC Income Statement For Year Ended December 31. Year 2 0 $ 0