General Instructions:

For this case, will be responsible for answering exercise 11-14A a-b on page 512 from the hard copy text.

Detailed Instructions:

Please use excel for answering the questions a-b. You will need to make a horizontal statements model, as pictured in the text, for this problem.

A. Record these events in a horizontal statements model. The 1st event is shown as an example

B. Prepare schedule of cost of goods manufactured and sold.

* + Q. JA Pape 512 LO 11-1, 11-2, 11-3 Exercise 11-14A Prodver con flow and financial statements Loveland Manufacturing Company was started on January 1. Year I. The company was affected by the following events during its first your of operation. 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of direct raw materials to work in process. 4. Pald production employees $720 cash. 5. Paid $360 cash for manufacturing overhead costs. 6. Applied $294 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,200. 5. Sold products that cost $960 for $1,680 cash. 9. Paid $450 cash for selling and administrative expenses. 10. Made a $60 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example. Balance Sheet Income Statement Assets Equity Event No. Cash + MOH + Row M. + WIP + F. Goods = C. Stk + Ret Eat Rev. - Exp. = NetInc. 2400 # NA + NA + NA + NA 2.400+ NA NA - NA NA b. Prepare a schedule of cost of goods manufactured and sold. 9