problem $12-13$B Job$-$order costing system

preston Corporation was created on January $1,$ Year $1,$ when it received a stockholder's contribution of

$$92,000.$ It purchased $$21,000$ of raw materials and worked on three job orders during the year. Data

about these jobs follow. $($Assume all transactions are for cash unless otherwise indicated.$)$

The average wage rate is $$32$ per hour. Manufacturing overhead is applied using a predetermined

overhead rate of $$15$ per direct labor hour. Jobs $1$ and $3$ were completed during the year, and Job $1$ was

sold for $$26,000.$ Preston paid $$2,800$ for selling and administrative expenses. Actual factory overhead

was $$12,000.$

Required

a$.$ Record the preceding events in a horizontal statements model. The first event for Year $1$ has been

recorded as an example.

b$.$ Reconcile all subsidiary accounts with their respective control accounts.

c$.$ Record the closing entry for over$-$ or underapplied manufacturing overhead, assuming that the

amount is insignificant.

d$.$ Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance

sheet for Year $1.$

Please Include EXCEL formulas or sheet