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Ali Katt Manufacturing produces Powercat T-shirts. Prepare t-accounts for Cash, Raw material Inventory, work in process inventory, finished goods inventory, cost of goods sold, manufacturing overhead, sales, selling and administrative expenses and owner’s equity. Record the effects of the events in the t-accounts. Show the event letter next to each entry.

 Prepare an income statement and balance sheet for Ali Katt Manufacturing.a. Ali Katt began the year with $200 worth of raw materials. $150 worth of work in process, $500 worth of finished goods, $5,000 cash and $5,850 in Owner’s Equity.b. Ali Katt purchases cloth for $800 cash and sewing supplies for $200 cash (included were both direct materials and indirect materials)c. Ali Katt issued $700 of cloth from the storeroom to be used in producing t-shirts.d. Ali Katt issued $100 of sewing supply(indirect) from the storeroom to be used in producing t-shirtse. Ali Katt paid their sewing machine laborers $900 cash for work performed in the current period.f. Ali Katt paid their security guard $200 cash for work performed in the current period.g. Ali Katt paid cash for other expenses related to manufacturing t-shirts totaling $500h. Ali Katt paid cash for selling and administrative expenses of $700i. Ali Katt estimated that $800 worth of overhead cost should be applied to the t-shirts in work-in-process.j. Ali Katt completed t-shirts that had cost $2000 to produce. These shirts were not sold immediately.k. Ali katt sold $1,800 worth of t-shirts. The t-shirts were sold for $3,000 cash.Get business assignment assignment homework help today