Exercise 11-11A (Algo) Preparing financial statements LO 11-3 Rooney Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $ 54,400 83,200 27,200 During the accounting period, Rooney purchased $239,800 of raw materials and issued $249,400 of materials to the production department. Direct labor costs for the period amounted to $322,700, and manufacturing overhead of $46,300 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,800 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,800 were sold for $800,400 during the period. Selling and administrative expenses amounted to $70,400. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare a schedule of cost of goods manufactured and sold. ROONEY CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Raw materials available 0 Check my