Exercise 11-11A Preparing financial statements LO 11-3 Vernon Corporation began fiscal year 2018 with the following balances in its Inventory accounts: Raw Materials Work in Process Finished Goods $54,380 82,600 27,600 During the accounting period, Vernon purchased $239,900 of raw materials and issued $248,600 of materials to the production department. Direct labor costs for the period amounted to $322,900, and manufacturing overhead of $47,700 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,700 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,300 were sold for $801,500 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. 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. Rega 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 Vernon Corporation began fiscal year 2018 with the following balances in its Inventory accounts: Raw Materials Work in Process Finished Goods $54,380 82,680 27,600 During the accounting period, Vernon purchased $239,900 of raw materials and issued $248,600 of materials to the production department. Direct labor costs for the period amounted to $322,900, and manufacturing overhead of $47,700 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,700 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,300 were sold for $801,500 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. 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 Req B Inc Stmt Prepare a schedule of cost of goods manufactured and sold. VERNON CORPORATION Schedule of cost of goods manufactured and sold For the year ended 2018 Raw materials available 0 Raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Goods available for sale 0 Cost of goods sold S 0 Vernon Corporation began fiscal year 2018 with the following balances In Its Inventory accounts: Raw Materials Work in Process Finished Goods $54,300 82,680 27,600 During the accounting period, Vernon purchased $239,900 of raw materials and issued $248,600 of materials to the production department. Direct labor costs for the period amounted to $322,900, and manufacturing overhead of $47,700 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,700 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,300 were sold for $801,500 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. 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 Prepare an income statement. VERNON CORPORATION Income Statement For the year ended 2018 0 S 0