Exercise 11-11A (Algo) Preparing financial statements LO 11-3\ Zachary Corporation began fiscal Year 2 with the following balances in its inventory accounts.\ Raw Materials\ Work in Process\ Finished Goods\

$55,300

\ 83,600\ 27,900\ During the accounting period, Zachary purchased

$238,800

of raw materials and issued

$249,100

of materials to the production department. Direct labor costs for the period amounted to

$323,900

, and manufacturing overhead of

$47,500

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

$600,700

were sold for

$801,700

during the period. Selling and administrative expenses amounted to

$70,500

.\ 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.

Exercise 11-11A (Algo) Preparing financial statements LO 11-3 Zachary Corporation began fiscal Year 2 with the following balances in its inventory accounts. During the accounting period, Zachary purchased $238,800 of raw materials and issued $249,100 of materials to the production department. Direct labor costs for the period amounted to $323,900, and manufacturing overhead of $47,500 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 $600,700 were sold for $801,700 during the period. Selling and administrative expenses amounted to $70,500. 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. Exercise 11-11A (Algo) Preparing financial statements LO 11-3 Zachary Corporation began fiscal Year 2 with the following balances in its inventory accounts. During the accounting period, Zachary purchased $238,800 of raw materials and issued $249,100 of materials to the production department. Direct labor costs for the period amounted to $323,900, and manufacturing overhead of $47,500 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 $600,700 were sold for $801,700 during the period. Selling and administrative expenses amounted to $70,500. 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