Answer:
Fairport Manufacturing Company
T-accounts
Cash
Account Titles                                Debit        Credit
Beginning balance                   $ 20,000
Accounts payable                                         $10,500
Wages payable                                               18,000
Selling and distribution expense                     1,800
Utilities and Rent for production                    9,300
Sales Revenue                            36,000
Ending balance                                           $16,400
Raw materials inventory
Account Titles                                Debit        Credit
Beginning balance                   $ 1,800
Accounts Payable                      11,400
Work-in-Process                                           $10,800
Ending balance                                              $2,400
Work in process inventory
Account Titles                                Debit        Credit
Beginning balance                   $ 2,400
Raw materials                            10,800
Wages Payable                          19,950
Overhead Applied                      11,970
Finished Goods Inventory                          $24,000
Ending balance                                             $21,120
Finished goods inventory
Account Titles                                Debit        Credit
Beginning balance                   $ 4,200
Work-in-Process                        24,000
Cost of goods sold                                       $25,500
Ending balance                                               $2,700
Property, plant, and equipment
Account Titles                                Debit        Credit
Beginning balance                   $ 15,000
Accumulated depreciation
Account Titles                                Debit        Credit
Beginning balance                                        $ 6,000
Depreciation expense                                     3,000
Ending Balance                         $9,000
Accounts Payable 
Account Titles                                Debit        Credit
Raw materials                                               $12,000
Cash                                            $10,500
Ending balance                             $1,500
Wages Payable
Account Titles                               Debit         Credit
Work-in-Process                                          $19,950
Cash                                           $18,000
Ending balance                            $1,950
Common stock
Account Titles                                Debit        Credit
Beginning balance                                        $ 16,800
Retained earnings
Account Titles                                Debit        Credit
Beginning balance                                        $ 20,600
Production Supplies
Account Titles                                Debit        Credit
Accounts Payable                                              $600
Overhead                                      $422
Ending balance                              $178
Overhead Expenses
Account Titles                               Debit          Credit
Work-in-Process                                            $11,970
Cash (Utilities)                               9,300
Depreciation expense                  3,000
Production supplies                         422
Cost of goods sold (Underapplied)                  752
Sales Revenue
Account Titles                                Debit        Credit
Cash                                                             $36,000
Income Summary                       $36,000
Cost of Goods Sold
Account Titles                                Debit        Credit
Finished Goods Inventory       $25,500
Overhead (underapplied)                752
Income Summary                                        $26,252
Selling and Distribution Expense
Account Titles                               Debit          Credit
Cash                                          $1,800
Utilities and Rent
Account Titles                               Debit          Credit
Cash                                            $9,300
Overhead                                                       $9,300
Depreciation Expense - Plant & Equipment
Account Titles                               Debit          Credit
Accumulated Depreciation        $3,000
Overhead                                                       $3,000
b) Schedule of Cost of Goods Manufactured and Sold:
WIP Beginning Inventory         $ 2,400
Raw materials                            10,800
Direct labor                                19,950
Overhead Applied                      11,970
Cost of goods in production  $45,120
Ending WIP Inventory                21,120
Cost of manufactured           $24,000
Finished Goods Inventory     $ 4,200
Cost of manufactured            24,000
Cost of goods available       $28,200
Ending FG Inventory                 2,700
Cost of goods sold              $25,500
Income Statement for the year ended December 31, 2019:
Sales Revenue                      $36,000
Cost of Goods Sold                 26,252
Gross profit                                9,748
Selling and distribution exp.      1,800
Net income                              $7,948
Retained Earnings, January 1, 2019 $20,600
Net income                                             7,948
Retained Earnings, December 31,    $28,548
Balance Sheet as of December 31, 2019:
Assets:
Cash                                          $ 16,400
Raw materials inventory               2,400
Work in process inventory          21,120
Finished goods inventory            2,700
Production Supplies                         178     $42,798
Property, plant, and equipment 15,000
Accumulated depreciation          9,000      $6,000
Total assets                                                $48,798
Liabilities and Equity:
Accounts Payable                                        $1,500
Wages Payable                                              1,950
Total liabilities                                             $3,450
Common stock                         $16,800
Retained earnings                     28,548  $45,348
Total liabilities and equity                       $48,798
Explanation:
a) Data and Calculations:
Trial Balance at January 1, 2019:
Account Titles                                Debit        Credit
Cash                                         $ 20,000
Raw materials inventory                1,800
Work in process inventory           2,400
Finished goods inventory            4,200
Property, plant, and equipment 15,000
Accumulated depreciation                           $ 6,000
Common stock                                               16,800
Retained earnings                                         20,600
Total                                       $ 43,400      $ 43,400
Analysis of Transactions for the period:
1. Raw materials $11,400 Production Supplies $600 Accounts payable $12,000
2. Work-in-Process $10,800 Raw materials $10,800
3. Accounts payable $10,500 Cash $10,500
4. Work-in-Process $19,950 Wages Payable $19,950
5. Wages Payable $18,000 Cash $18,000
6. Work-in-Process $11,970 Overhead Applied $11,970 ($12,600 * 950/1,000)
7. Selling and Administrative expense $1,800 Cash $1,800
8. Utilities and Rent for production $9,300 Cash $9,300
9. Depreciation Expense-Plant and Equipment $3,000 Accumulated Depreciation $3,000
10. Finished Goods Inventory $24,000 Work-in-Process $24,000
11. Cost of Goods Sold $25,500 Finished Goods Inventory $25,500
12. Cash $36,000 Sales Revenue $36,000
13. Overhead $422 Production Supplies $422 ($600 - $178)
14. Cost of Goods Sold $752 Underapplied Overhead $752
Adjusted Trial Balance at December 31, 2019:
Account Titles                                Debit        Credit
Cash                                          $ 16,400
Raw materials inventory               2,400
Work in process inventory          21,120
Finished goods inventory            2,700
Property, plant, and equipment 15,000
Accumulated depreciation                          $ 9,000
Accounts Payable                                            1,500
Wages Payable                                                1,950
Common stock                                               16,800
Retained earnings                                         20,600
Production Supplies                        178
Sales Revenue                                               36,000
Cost of Goods Sold                 26,252
Selling and distribution exp.      1,800
Totals                                    $85,850        $85,850