Exercise $12-9$A $($Algo$)$ Process cost system LO $12-2,12-3$

Perez Manufacturing Company started operations on January $1,$ Year $1.$ During Year $1,$ the company engaged in the following transactions.

Iscued common stock for $$80,000.$

Pald $$21,000$ cash to purchase raw materials used to make products.

Transferred $$17,000$ of raw materials to the production department.

Pald $$29,500$ cash for labor used to make products.

Paid $$47,000$ cash for overhesd costs $($assume actual and estimated overhead are the same$).$

Finished work on products that cost $$71,000$ to moke.

Sold products that cost $$62,000$ to mole for $$85,000cssh.$

Required

a$.$ Prepore the December $31,$ Year $1,$ bolance sheet.

b$.$ Prepore the December $31,$ Yesr $1,$ income statement.

Complete this question by entering your answers in the tabs below.

Requilua A

Tequitais

Prepare the Decmmber $31,$ Yay $1,$ Incema statement: