Walton Manufacturing Company started operations on January 1, Year 1. During Year 1, the company engaged in the following transactions. 1. Issued common stock for $87,000.

Rooney Construction Company began operations on January 1, Year 1, when it acquired $10,000 cash from the issuance of common stock. During the year, Rooney purchased $2,700 of direct raw materials and used $2,500 of the direct materials. There were 106 hours of direct labor worked at an average rate of $8 per hour paid in cash. The predetermined overhead rate was $4.00 per direct labor hour. The company started construction on three prefabricated buildings. The job cost sheets reflected the following allocations of costs to each building.    Direct Materials Direct Labor Hours Job 1 $ 600   28 Job 2   1,100   46 Job 3   800   32     The company paid $77 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $341. Rooney completed Jobs 1 and 2 and sold Job 1 for $1,586 cash. The company incurred $150 of selling and administrative expenses that were paid in cash. Over- or underapplied overhead is closed to Cost of Goods Sold.…

prepare an income statement

Stuart Manufacturing Company began operations on January 1. During the year, it started and completed 1,780 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,200. 2. Wages of production workers-$3,620. 3. Salaries of administrative and sales personnel-$1,990. 4. Depreciation on manufacturing equipment-$5,996. 5. Depreciation on administrative equipment-$1,750. Stuart sold 1,190 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) Total product cost b. Total cost of ending inventory a. C. Total cost of goods sold