Exercise 11-11A (Algo) Preparing financial statements LO 11-3 Perez Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $55,500 83,700 27,200 During the accounting period, Perez purchased $239,900 of raw materials and issued $249,400 of materials to the production department. Direct labor costs for the period amounted to $323,700, and manufacturing overhead of $46,100 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,100 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,400 were sold for $801,300 during the period. Selling and administrative expenses amounted to $71,900. 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 A Req 8 CGM Sched Req B Inc Stmt Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. Raw materials Ending Balance Work in process Finished goods Reg A Req B CGM Sched> es 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 a schedule of cost of goods manufactured and sold. PEREZ 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 < Req A Req B Inc Stmt > rcises Chapter Eleven 4 Seved transferred to Finished Goods Inventory. Goods costing $601,400 were sold for $801,300 during the period. Selling and expenses amounted to $71,900. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sa 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. look Req A Req B CGM Sched Req B Inc Stmt int int ences Prepare an income statement. PEREZ CORPORATION Income Statement For the year ended Year 2