2 Jordan Corporation began fiscal Year 2 with the following balances in its inventory accounts. 6.66 points Raw Materials Work in Process Finished Goods $54,200 82,900 26,200 During the accounting period, Jordan purchased $239,000 of raw materials and issued $248,000 of materials to the production department. Direct labor costs for the period amounted to $322,500, and manufacturing overhead of 547.300 was applied to Work In Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing 5610,000 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,500 were sold for $801400 during the period. Selling and administrative expenses amounted to $72,000. 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A Req 8 CGM Sched Reg 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 45,200 S Raw materials Work in process Finished goods KA Req B COM Sched 385 Next > Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Reg B CGM Sched Req B Inc Stmt Prepare a schedule of cost of goods manufactured and sold. JORDAN CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Beginning raw materials inventory $ 54,200 Purchases 239,000 Raw materials available 293,200 Ending raw materials inventory (47,300) Raw materials used 245,900 Beginning work in process inventory Labor Total manufacturing costs 245,900 Beginning work in process inventory Total work in process inventory 245,900 Ending work in process inventory Cost of goods manufactured 245,900 Beginning finished goods inventory Goods available for sale 245,900 Ending finished goods inventory $ Cost of goods sold 245,900