exercise 11-11A (Algo) preparing financial statements LO 11-3

che Exercise 11-11A (Algo) Preparing financial statements LO 11-3 Thornton Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $55,000 84,000 26,400 at During the accounting period, Thornton purchased $239,100 of raw materials and issued $248,600 of materials to the production department. Direct labor costs for the period amounted to $322,300, and manufacturing overhead of $46,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overheadGoods costing $611,300 to produce were completed and transferred to Finished Goods Inventory Goods costing $600,900 were sold for $801,900 during the period. Selling and administrative expenses amounted to $70,800. 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 nt onces Complete this question by entering your answers in the tabs below. Req Reg CGM Sched Regine 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 Complete this question by entering your answers in the tabs below. Req A Req B CGM Sched Reg B Inc Stmt Prepare a schedule of cost of goods manufactured and sold. THORNTON CORPORATION Schedule of cost of good manufactured and sold For the year ended Year 2 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 Red A Regine Stm > 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 Complete this question by entering your answers in the tabs below. Req A Req B CGM Sched Req B Inc Stmt Prepare an income statement. 1 THORNTON CORPORATION Income Statement For the year ended Yoar 2