2. Finch Corporation began fiscal Year 2 with the following balances in its inventory accounts. 6.66 points Raw Materials Work in Process Finished Goods $55,400 83,200 27,000 eBook Hint During the accounting period, Finch purchased $238,400 of raw materials and issued $249,100 of materials to the production department. Direct labor costs for the period amounted to $322,100, and manufacturing overhead of $46,600 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,000 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,800 were sold for $801,200 during the period. Selling and administrative expenses amounted to $70,500. References Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income statement. Complete this question by entering your answers in the tabs below. Req A Req B CGM Sched Req B Inc Stmt Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. Ending Balance Raw materials Work in process Finished goods Check my work 2 Complete this question by entering your answers in the tabs below. Req A Reg B CGM Sched Reg B Inc Stmt 6.66 points Prepare a schedule of cost of goods manufactured and sold. eBook FINCH CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Hint References Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold Check my work 2 During the accounting period, Finch purchased $238,400 of raw materials and issued $249,100 of materials to the production department. Direct labor costs for the period amounted to $322,100, and manufacturing overhead of $46,600 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,000 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,800 were sold for $801,200 during the period. Selling and administrative expenses amounted to $70,500. 6.66 points Required eBook Hint a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income statement. References Complete this question by entering your answers in the tabs below. Req A Req B CGM Sched Req B Inc Stmt Prepare an income statement. FINCH CORPORATION Income Statement For the year ended Year 2