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

Raw Materials	$	54,100
Work in Process		82,100
Finished Goods		26,400

During the accounting period, Dale purchased $238,400 of raw materials and issued $249,000 of materials to the production department. Direct labor costs for the period amounted to $323,800, and manufacturing overhead of $46,900 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,300 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,700 were sold for $801,300 during the period. Selling and administrative expenses amounted to $70,200.

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
Raw materials used
Total manufacturing costs
Total work in process inventory
Cost of goods manufactured
Goods available for sale
Cost of goods sold

DALE CORPORATION

Income Statement
For 2014