Exercise 11-11A Preparing financial statements LO 11-3 Benson Corporation began fiscal year 2018 with the following balances in its inventory accounts: Raw Materials Work in Process Finished Goods $55,000 82.900 27.100 During the accounting period, Benson purchased $239,800 of raw materials and issued $249,000 of materials to the production department. Direct labor costs for the period amounted to $323,400, and manufacturing overhead of $46,600 was applied to work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,900 to produce were completed and transferred to Finished Goods Inventory Goods costing $600,100 were sold for $800,600 during the period. Selling and administrative expenses amounted to $71100 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 BCGM Sched > 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. ReqA Req B CGM Sched Reg 8 Inc Stmt Prepare a schedule of cost of goods manufactured and sold. BENSON CORPORATION Schedule of cost of goods manufactured and sold For the year ended 2018 Raw matenals available Raw materials used Total manufacturing costs 7 Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,900 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,100 were sold for $800,600 during the period. Selling and administrative expenses amounted to $71,100. 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 8 Inc Stmt Prepare an income statement. BENSON CORPORATION Income Statement For the year ended 2018 Rey BCGM Sched