Exercise 11-11A (Algo) Preparing financial statements LO 11-3 Munoz Corporation began fiscal Year 2 with the following balances in its inventory accounts. $54,800 83,100 Raw Materials Work in Process Finished Goods 26,700 During the accounting period, Munoz purchased $238,100 of raw materials and issued $249,300 of materials to the production department. Direct labor costs for the period amounted to $322,200, and manufacturing overhead of $47,400 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,600 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,900 were sold for $800,700 during the period. Selling and administrative expenses amounted to $71,100. 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. Complete this question by entering your answers in the tabs below. Reg B CGM Sched Req B Inc Stmt Req 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 Munoz Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process $54,800 83,100 26,700 Finished Goods During the accounting period, Munoz purchased $238,100 of raw materials and issued $249,300 of materials to the production department. Direct labor costs for the period amounted to $322,200, and manufacturing overhead of $47.400 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,600 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,900 were sold for $800,700 during the period. Selling and administrative expenses amounted to $71,100. 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. Complete this question by entering your answers in the tabs below. Req B CGM Sched Reg B Inc Reg A Stmt Prepare a schedule of cost of goods manufactured and sold. MUNOZ CORPORATION Schedule of cost of goods 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 Exercise 11-11A (Algo) Preparlng financlal statements LO 11-3 Munoz Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $54,800 83,100 26,700 Work in Process Finished Goods During the accounting period, Munoz purchased $238,100 of raw materials and issued $249,300 of materials to the production department. Direct labor costs for the period amounted to $322,200. and manufacturing overhead of $47,400 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,600 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,900 were sold for $800,700 during the period. Selling and administrative expenses amounted to $71,100. Requlred 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 B CGM Sched Req B nc Stmt Req A Prepare an income statement. MUNOZ CORPORATION Income Statement For the year ended Year 2
