ch 11 group work

Sted Exercise 11-11A Preparing financial statements LO 11-3 Zachary Corporation began fiscal year 2018 with the following balances in its inventory accounts: Raw Materials Work in Process Finished Goods $55,200 82,400 26,500 During the accounting period, Zachary purchased $238,000 of raw materials and issued $248,500 of materials to the production department. Direct labor costs for the period amounted to $323,400, and manufacturing overhead of $47,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611.200 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,500 were sold for $801,300 during the period. Selling and administrative expenses amounted to $71,800 es Required Tint 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. rences Complete this question by entering your answers in the tabs below. ReqA Req BCGM 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 Raw materials Work in process Finished goods Reg COM Sched > Complete this question by entering your answers in the tabs below. Req A Req B CGM Sched Req B Inc Stmt Prepare a schedule of cost of goods manufactured and sold. ZACHARY CORPORATION Schedule of cost of goods manufactured and sold For the year ended 2018 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