Please solve this problem, thank you Loveland Manufacturing Company was started on January...
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Loveland Manufacturing Company was started on January 1, 2018. The company was affected by the following events during its first year of operation: 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of direct raw materials to work in process. 4. Paid production employees $720 cash. 5. Paid $360 cash for manufacturing overhead costs 6. Applied $294 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,200. S. Sold products that cost $960 for $1,680 cash. 9. Paid $480 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. Assots Equity Cash + MOH + Raw M. + WIP + F. Goods C. Stk. + Ret. Ear. Rev. _ Exp Net In 2.400 + NA + NA + NA + NA -2.400 + NANA-NA- NA b. Prepare a schedule of cost of goods manufactured and sold
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