Question: please help me with the rest and see what I did wrong. thanks Problem 10-27A (Algo) Schedule of cost of goods manufactured and sold LO





please help me with the rest and see what I did wrong. thanks
Problem 10-27A (Algo) Schedule of cost of goods manufactured and sold LO 10-3 Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2 Cash. $680,000: Raw Materials Inventory, $60,000; Work In Process Inventory, $31,000; Finished Goods Inventory $60,000: Common Stock. $592,000; and Retained Earnings. $239,000. Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. 1. Pald $29.000 of research and development costs. 2. Pald $55,000 for raw materials that will be used to make eBook readers. 3. Placed $92,000 of the raw materials cost Into the process of manufacturing eBook readers. 4. Pald $79.000 for salaries of selling and administrative employees. 5. Pald $95.000 for wages of production workers. 6. Pald $89.000 to purchase equipment used in selling and administrative offices. 7. Recognized depreciation on the office equipment. The equipment was acquired on January 1, Year 2. It has a $19.000 salvage value and a seven-year life. The amount of depreciation is computed as [(Cost - salvage) = useful life) . Specifically. ($89.000 - $19.000) + 7 = $10.000. 8. Pald $162,000 to purchase manufacturing equipment. 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, Year 2. It has a $29.000 salvage value and a seven-year life. The amount of depreciation is computed as [(Cost salvage) - useful life). Specifically, ($162,000 - $29.000) = 7 = $19.000. 10. Pald $63.000 for rent and utility costs on the manufacturing facility. 11. Pald $70,000 for Inventory holding expenses for completed eBook readers (rental of warehouse space, salarles of warehouse personnel, and other general storage cost) 12. Completed and transferred eBook readers that had total cost of $249,000 from work in process Inventory to finished goods. 13. Sold 860 eBook readers for $431,000. 14. It cost Antioch $146,200 to make the eBook readers sold in Event 13 Required: a. Show how these events affect the balance sheet, Income statement, and statement of cash flows by recording them in a horizontal financial statements model. C-1. Prepare a schedule of cost of goods manufactured and sold for the year. C-2. Prepare a formal Income statement for the year. c-3. Prepare a balance sheet for the year Answer is not complete. the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an item is not affected, leave the cell blank.) Sh ANTIOCH COMPANY Financial Statements Model Balance Sheet Income Statement Assets Stockholders' Equity Event No. Statement of Cash Flow Cash Raw Materials Finished Goods + BV Office Furniture Work in Process Inventory 31.000 BV Manufacturing Equipment Common Stock Retained Earnings Revenue Expense Net Income 680,000 60.000 + 60,000 592,000 239,000 (29,000) 1 + +++ + + 29,000 (29,000) (29.000) OA 2. = (55.000) + - 55.000 + (55,000) OA 3 (92000) 92,000 + 4. 79.000) + + + = + (79,000) 79,000 = OA (79,000) (79,000) 5. 95,000+ (95,000) OA (95.000) 6 16 (89.000) 89.000 + (89.000) 7 + (10,000) (10,000) 10.000= (10,000) 8 LA (162,000) + + (162,000) + 162,000= 9 19,000 (19,000) = + + + + + + + OA (63.000) 10. 63,000 (63,000) + - + 11 (70.000) + + DA 70,000 (70,000) + (70,000) [70.000) 4 12 (249.000) 249,000+ + + + = 431,000 431.000 13 431,000 DA 431,000 431,000+ + 14. + (146,200) 146,200= (146,200) 162,800 (146,200) 96.800 Total 23,000 51,000 79,000 498,000 143,000 592,000 431,000 335,800 334,200 (211.000) REGA Reg C1 > Answer is not complete. Complete this question by entering your answer in the tabs below. Req A Reg C1 Req C2 Reg 03 Prepare a formal income statement for the year. ANTIOCH COMPANY Income Statement For the Year Ended December 31, Year 2 S 431 000 146,200 Sales revenue Cost of goods sold Gross margin Selling and administrative expense 284,800 Net income Answer is not complete. Complete this question by entering your answer in the tabs below. Reg A Reg C1 Reg C2 Reg C3 Prepare a balance sheet for the year. ANTIOCH COMPANY Balance Sheet As of December 31, Year 2 Assets 0 Tolal assets Stockholders' Equity $ Total stockholders' equity 0
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