Problem 11-19A (Algo) Manufacturing cost flow for one-year period LO 11-1, 11-2, 11-3 Franklin Manufacturing started...

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Problem 11-19A (Algo) Manufacturing cost flow for one-year period LO 11-1, 11-2, 11-3 Franklin Manufacturing started in Year 2 with the following account balances. Cash Common stock Retained earnings Raw materials inventory Work in process inventory Finished goods inventory (380 units @ $6.05 each) Transactions during Year 2 1. Purchased $2,880 of raw materials with cash. $5,400 4,239 5,800 1,500 840 2,299 2. Transferred $3,760 of raw materials to the production department. 3. Incurred and paid cash for 190 hours of direct labor @ $15.00 per hour. 4. Applied overhead costs to the Work in Process Inventory account. The predetermined overhead rate is $16.30 per direct labor hour. 5. Incurred actual overhead costs of $3,100 cash. 6. Completed work on 1,200 units for $5.80 per unit. 7. Paid $1,000 in selling and administrative expenses in cash. 8. Sold 1,200 units for $9,600 cash revenue (assume FIFO cost flow). 9. Franklin charges overapplied or underapplied overhead directly to Cost of Goods Sold. Required a. Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. b-1. Prepare a schedule of cost of goods manufactured and sold for Year 2. b-2. Prepare an income statement for Year 2. b-3. Prepare a balance sheet for Year 2. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. Note: Enter decreases to account balances with a minus sign. Balance Sheet Income Statement Event Number Cash + Manufacturing Overhead + Assets Raw Work in Materials Process Stockholders' Equity + + Beginning $ + Balance 5,400 +$1,500+ $ 840 + $2,299 Finished Liabilities +Common Goods Stock +$ 4,239 + + Retained Revenue Earnings Expense = Net Income $ 5,800 II 1. + 2. 3. 4. 5. 6. 7. 8a. 8b. 9. +++ +1+1+1+1+1 1+1+1+1+ +++++++++ + + + + + + + + + + + + + + + + + + ++ + + + Total + + + + Req A Req B1 > Problem 11-19A (Algo) Manufacturing cost flow for one-year period LO 11-1, 11-2, 11-3 Franklin Manufacturing started in Year 2 with the following account balances. Cash Common stock Retained earnings Raw materials inventory Work in process inventory Finished goods inventory (380 units @ $6.05 each) Transactions during Year 2 1. Purchased $2,880 of raw materials with cash. $5,400 4,239 5,800 1,500 840 2,299 2. Transferred $3,760 of raw materials to the production department. 3. Incurred and paid cash for 190 hours of direct labor @ $15.00 per hour. 4. Applied overhead costs to the Work in Process Inventory account. The predetermined overhead rate is $16.30 per direct labor hour. 5. Incurred actual overhead costs of $3,100 cash. 6. Completed work on 1,200 units for $5.80 per unit. 7. Paid $1,000 in selling and administrative expenses in cash. 8. Sold 1,200 units for $9,600 cash revenue (assume FIFO cost flow). 9. Franklin charges overapplied or underapplied overhead directly to Cost of Goods Sold. Required a. Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. b-1. Prepare a schedule of cost of goods manufactured and sold for Year 2. b-2. Prepare an income statement for Year 2. b-3. Prepare a balance sheet for Year 2. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. Note: Enter decreases to account balances with a minus sign. Balance Sheet Income Statement Event Number Cash + Manufacturing Overhead + Assets Raw Work in Materials Process Stockholders' Equity + + Beginning $ + Balance 5,400 +$1,500+ $ 840 + $2,299 Finished Liabilities +Common Goods Stock +$ 4,239 + + Retained Revenue Earnings Expense = Net Income $ 5,800 II 1. + 2. 3. 4. 5. 6. 7. 8a. 8b. 9. +++ +1+1+1+1+1 1+1+1+1+ +++++++++ + + + + + + + + + + + + + + + + + + ++ + + + Total + + + + Req A Req B1 >