The following account balances were taken from the records of Colin Company at the beginning of 2011:
Common stock $2,250
Retained earnings $950
Raw materials inventory $300
Work in process inventory $220
Finished good inventory (50 units @ $3.60/unit) $180
The following transactions occurred during 2011:
1. Purchased $750 of raw materials with cash
2. Transferred $500 of raw materials to the production department.
3. Incurred and paid cash for 80 hours of direct labor at $7.50 per hour.
4. Applied overhead using a predetermined overhead rate of $8.00 per direct labor hour.
5. Incurred actual overhead costs of $650 cash.
6. Completed work on 300 units for $3.40 per unit.
7. Paid $200 in selling and administrative expenses in cash.
8. Sold 200 units for $1,500 cash. Assume FIFO inventory or the first units completed are the first units sold to customers.