Dale Corporation began fiscal year 2014 with the following balances in its inventory accounts.

Raw Materials	$	54,800
Work in Process		83,600
Finished Goods		26,300

During the accounting period, Dale purchased $238,800 of raw materials and issued $249,900 of materials to the production department. Direct labor costs for the period amounted to $322,600, and manufacturing overhead of $47,900 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,400 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,100 were sold for $801,700 during the period. Selling and administrative expenses amounted to $70,400.

Required:
a.	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

b.	Prepare a schedule of cost of goods manufactured and sold and an income statement.

DALE CORPORATION
Cost of Goods Manufactured and Sold Schedule
For 2014
Raw materials available	0
Raw materials used	0
Total manufacturing costs	0
Total work in process inventory	0
Cost of goods manufactured	0
Goods available for sale	0
Cost of goods sold	$0

DALE CORPORATION Income Statement for 2014