Question 1. Exercise 12-9A (Algo) Process cost system LO 12-2, 12-3 Keystone Manufacturing Company started operations on January 1. Year 1. During Year 1, the company engaged in the following transactions.

1. Issued common stock for $89,000

2. Paid $39,000 cash to purchase raw materials used to make products

3. Transferred $26,000 of raw materials to the production department

4. Paid $34,000 cash for labor used to make products.

5. Paid $56,000 cash for overhead costs assume actual and estimated overhead are the same)

6. Finished work on products that cost $89,000 to make

7. Sold products that cost $71,000 to make for $98,500 cash.

Required

a . Prepare the December 31, Year 1, balance sheet.

b. Prepare the December 31, Year 1, income statement.

Question 2. Exercise 12-11A (Algo) Cost allocation in a process system LO 12-4 Rooney Watches, Incorporated makes watchesIts assembly department started the accounting period with a beginning inventory balance of $22,500. During the accounting period, the department incurred $46,000 of transferred in cost $24,000 of materials cost $68,000 of labor cost, and $53,000 of applied overhead cost. The department processed 6,100 total equivalent units of product during the accounting period

Required ( Each requirement is independent of the other.)

a.Assuming that 1,250 equivalent units of product were in the ending work in process inventorydetermine the amount of cost transferred out of the Work in Process Inventory account of the assembly department to the Finished Goods Inventory account What was the assembly department's cost of ending work in process inventory?

b . Assuming that 5,500 units of product were transferred out of the assembly department's work in process inventory to finished goods inventory, determine the amount of the assembly department's cost of ending work in process inventory. What was the cost of the finished goods inventory transferred out of the assembly department?

thank you in advance!!

a. Prepare the December 31, Year 1, balance sheet. b. Prepare the December 31, Year 1 , income statement. Complete this question by entering your answers in the tabs below. Prepare the December 31 , Year 1 , balance sheet. Required a. Prepare the December 31, Year 1, balance sheet. b. Prepare the December 31, Year 1 , income statement. Complete this question by entering your answers in the tabs below. Prepare the December 31 , Year 1 , income statement. Exercise 12-11A (Algo) Cost allocation in a process system LO 12-4 Rooney Watches, Incorporated makes watches, its assembly department started the accounting period with a beginning inventory balance of $22,500. During the accounting period, the department incurred $46,000, of transferred-in cost, $24,000 of materials cost, $68,000 of labor cost, and $53,000 of applied overhead cost. The department processed 6,100 total equivalent units of product during the accounting period. Required (Each requirement is independent of the other) a. Assuming that 1,250 equivalent units of product were in the ending work in process inventory. determine the amount of cost transferred out of the Work in Process inventory account of the assembly department to the Finished Goods linventory account. What was the assembly department's cost of ending work in process inventory? b. Assuming that 5,500 units of product were transferred out of the assembly department's work in process inventory to finished goods inventory, determine the amount of the assembly department's cost of ending work in process inventory. What was the cost of the finished goods inventory transferred out of the assembly department? a. Prepare the December 31, Year 1, balance sheet. b. Prepare the December 31, Year 1 , income statement. Complete this question by entering your answers in the tabs below. Prepare the December 31 , Year 1 , balance sheet. Required a. Prepare the December 31, Year 1, balance sheet. b. Prepare the December 31, Year 1 , income statement. Complete this question by entering your answers in the tabs below. Prepare the December 31 , Year 1 , income statement. Exercise 12-11A (Algo) Cost allocation in a process system LO 12-4 Rooney Watches, Incorporated makes watches, its assembly department started the accounting period with a beginning inventory balance of $22,500. During the accounting period, the department incurred $46,000, of transferred-in cost, $24,000 of materials cost, $68,000 of labor cost, and $53,000 of applied overhead cost. The department processed 6,100 total equivalent units of product during the accounting period. Required (Each requirement is independent of the other) a. Assuming that 1,250 equivalent units of product were in the ending work in process inventory. determine the amount of cost transferred out of the Work in Process inventory account of the assembly department to the Finished Goods linventory account. What was the assembly department's cost of ending work in process inventory? b. Assuming that 5,500 units of product were transferred out of the assembly department's work in process inventory to finished goods inventory, determine the amount of the assembly department's cost of ending work in process inventory. What was the cost of the finished goods inventory transferred out of the assembly department