Challenge #1 Name ACC 212 MANAGERIAL ACCOUNTING COST FLOW CHALLENGE 1. Calculate the Cost of Goods Manufactured and the Cost of Goods Sold. 2. Complete the attached Income Statement 3. Complete the attached Retained Earnings Statement. 4. Complete the attached Balance Sheet. 5. Answers the Questions XY&Z Corporation Trial Balance January 31, 20xx Dr Cr 2,770 I Cash Accounts Receivable Raw Materials Inventory Work in Process Inventory. Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock PIC in Excess of Par 440,800 ? (c) 7,800 25,000 359,000 29,150 147.000 111,950 10,000 189,600 301,500 425,800 Retained Earnings.. Sales Cost of Goods Sold Administrative expenses Selling expenses 272,030 65,300 25,700 1,215,000 1,215,000 Inventory balances on January 1: Finished Goods Inventory Raw Materials Inventory Work in Process Inventory ? (d) $10,000 $ 17,250 Additional Information: Direct labor used Direct materials used Factory overhead applied Indirect labor used Indirect materials used Materials purchased Other indirect costs $ 86,150 s 128,500 ? (b) $ 8,700 ? (a) $32,230