Exercise 11-11A Preparing financial statements LO 11-3 Baird Corporation began fiscal year 2018 with the following balances in its inventory accounts: Raw Materials Work in Process Finished Goods $55,300 83,200 26,100 During the accounting period, Baird purchased $239,700 of raw materials and issued $249,200 of materials to the production department. Direct labor costs for the period amounted to $322,800, and manufacturing overhead of $46,700 was applied to Wor Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,900 to produce were complete and transferred to Finished Goods Inventory. Goods costing $601,500 were sold for $801,000 during the period. Selling and administrative expenses amounted to $71,200. 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 B 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. Ending Balance Raw materials Work in process Finished goods Reg A Req B CGM Sched Reg B Inc Stmt Prepare a schedule of cost of goods manufactured and sold. BAIRD CORPORATION Schedule of cost of goods manufactured and sold For the year ended 2018 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 Required a. Determine the ending balance of each of the three inventory acco b. Prepare a schedule of cost of goods manufactured and sold and a Complete this question by entering your answers in the tabs b Reg A Req B CGM Sched Req B Inc Stmt Prepare an income statement. BAIRD CORPORATION Income Statement For the year ended 2018