Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Direct Raw Materials Used $2,800 Job 1 Job 2 4,000 Job 3 6,000 Total $12,800 Direct Labor $ 6,000 8,000 4,000 $18,000 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $20,000 cash. Lehigh paid $800 for selling and administrative expenses. Actual factory overhead was $11,300. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, 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.

[The following information applies to the questions displayed below.]Information on Kwon Manufacturing’s activities for its first month of operations follows:    Purchased $101,700 of raw materials on credit. Materials requisitions show the following materials used for the month.   Job 201 $ 49,900 Job 202 25,300 Total direct materials 75,200 Indirect materials 10,320 Total materials used $ 85,520   Time tickets show the following labor used for the month.   Job 201 $ 40,900 Job 202 14,300 Total direct labor 55,200 Indirect labor 25,900 Total labor used $ 81,100   Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month.   Depreciation of factory equipment $ 33,700 Rent on factory building (payable)…

Primare Corporation has provided the following data concerning last month’s manufacturing operations.   Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,740 Direct labor $ 58,800 Manufacturing overhead applied to work in process $ 87,200 Underapplied overhead $ 4,180   Inventories Beginning Ending Raw materials $ 10,700 $ 19,500 Work in process $ 55,900 $ 65,700 Finished goods $ 34,600 $ 44,000   Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.

A company produces washers and dryers in an assembly-line process. Labor costs incurred during a recent period were: corporate executives, $500,000; assembly-line workers, $209,000; security guards, $45,000; and plant supervisor, $110,000. The total of company's direct labor cost was: Select one: O a. $754,000 O b. $319,000 O c. $203,000 O d. $209,000 O e. $864,000