Exercise 11-11A (Algo) Preparing financial statements LO 11-3 Rundle Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $55,000 82,500 27,200 During the accounting period, Rundle purchased $239,500 of raw materials and issued $248,000 of materials to the production department. Direct labor costs for the period amounted to $323,600, and manufacturing overhead of $47,800 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,100 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,800 were sold for $801,800 during the period. Selling and administrative expenses amounted to $70,600. 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 A Req B CGM Sched Reg B Inc 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 Req A Req B CGM Sched Req B Inc Stmt Prepare a schedule of cost of goods manufactured and sold. RUNDLE 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 CGM Sched Req B Inc Stmt Prepare an income statement. RUNDLE CORPORATION Income Statement For the year ended Year 2