Question: please help me solve this problem bighimcent Chips, Incorporated july boquire manufactures a oilp that enables users to access the Intemet through cell phones. unts
please help me solve this problem
bighimcent Chips, Incorporated july boquire manufactures a oilp that enables users to access the Intemet through cell phones. unts of the subsidiary. Balance Shoot as of January 1, Year 2 Assets materials inventory work in process Imuntory Finished goods inventory Total Assets # 217, 680 Stockholders' Equity Comon stock detained sarnings Total Stockholders" Equity $217 , GAME The subsidiary completed the following transactions during Year 2 1. Paid $60,000 cash for direct raw materials. 2. Transferred $50,000 of direct raw materials to work In process. 3. Paid production employees $20,000 cash. 4. Applied $53,000 of manufacturing overhead costs to work In process. 5. Completed work on products that cost $163,000. 6. Sold products that cost $143,000 for $182,000 cash. Record the recognition of revenue In a row labeled 6s and the cast of goods sold In a row labeled 6b. 7. Paid $20,000 cash for selling and administrative expenses 8. Actual overhead costs pold In cash smounted to $55,000. 9. Closed the Manufacturing Overhead account The amount of over- or underapplied overhead wes Insignificant (Immaterial). 0. Made s $5.000 cash distribution to the owners. Required 9. For Anywhere Incorporated, record the events In a financial statements model. The beginning balances are shown as an example. b. Prepare a schedule of cost of goods manufactured and sole. c-1. Prepare an Income statement. c-2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Rigg C2 For Anywhere Incorporated, record the events in a financial statements model. The beginning balances are shown as an example. Note: Enter decreases to account balances with a minus sign. Balance Shout Income Statement Event Accats Btookholders' Equity Number Cash + Manufacturing + Work In Finished Common Retained Revenue Expanse =| Net Income Overhead Materials ProouGE GoodG LabllitaG Etook Eamings Beginning balanona $ 200,000 + 4,000 + $ 6,000 + $ 7,000 $ 129,000 + $ 85,000 2. 1 11 11 18 14 14 14 11 11 14 14 14 11 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + Total $ 200,000 + 4003+ 6,000 + $ 7,000 = 0 + $ 1 129,000 + 86,000