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Newcomb Manufacturing Company was started on January 1, Year 1, when it acquired $3,900 cash...

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Accounting

Newcomb Manufacturing Company was started on January 1, Year 1, when it acquired $3,900 cash from the issue of common stock. During the first year of operation, $2,700 of direct raw materials was purchased with cash, and $1,550 of the materials was used to make products. Direct labor costs of $2,900 were paid in cash. Newcomb applied $830 of overhead cost to the Work in Process account. Cash payments of $830 were were made for actual overhead costs. The company completed products that cost $3,500 and sold goods that had cost $2,720 for $3,900 cash. Selling and administrative expenses of $670 were paid in cash.
Required
a. Prepare T-accounts and record the events affecting Newcomb Manufacturing. Include closing entries.
b1. Prepare a schedule of cost of goods manufactured and sold.
b2. Prepare an income statement.
b3. Prepare a balance sheet.

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