Question

Munoz Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation. 1. Acquired $2,500 cash from the issue of common stock. 2. Paid $550 cash for direct raw materials. 3. Transferred $400 of direct raw materials to work in process. 4. Paid production employees $680 cash. 5. Paid $390 cash for manufacturing overhead costs. 6. Applied $220 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,080. 8. Sold products that cost $870 for $1,570 cash. 9. Paid $380 cash for selling and administrative expenses. 10. Made a $60 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold.

Answer 1

३१ 3301 -400 400 -600 -390 390 220 -1000 220 1000 -870 1576 / d -380 1-60 Total 50 1300 380 15000 -930 3140 31416

CHAMI INGA Copé con goboys maw factured and solf 6g4d of Goods_manufacturing 2 150 t 1300 t 300 Cast of Goots sold E selling exp cost of Gots macufactured t 7830 + 300 s. 2220 -