Exercise 11-11A (Algo) Preparing financial statements LO 11-3 Franklin Corporation began fiscal Year 2 with the following balances in its inventory accounts. During the accounting period, Franklin purchased $239,200 of raw materials and issued $249,300 of materials to the production department. Direct labor costs for the period amounted to $322,900, and manufacturing overhead of $47,400 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 $600,300 were sold for $801,300 during the period. Selling and administrative expenses amounted to $70,200. Prepare a schedule of cost of goods manufactured and sold. Prepare an income statement. Complete this question by entering your answers in the tabs below