Finch Corporation began fiscal Year 2 with the following balances in its Inventory accounts. Raw Materials Work in Process Finished Goods $ 55, eee 82,100 27,700 During the accounting period, Finch purchased $239,900 of raw materials and issued $249,900 of materials to the production department. Direct labor costs for the period amounted to $322,800, and manufacturing overhead of $46,200 was applied to work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,200 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,700 were sold for $801,000 during the period. Selling and administrative expenses amounted to $71,900. 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. x Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A Reg 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. Raw materials Ending Balance 45.300 90.800 Work in process Finished goods S 64,500 X ReqA Req B CGM Sched > Finch Corporation began fiscal Year 2 with the following balances in its Inventory accounts. Raw Materials Work in Process Finished Goods $55,000 82, 10e 27,700 During the accounting period, Finch purchased $239,900 of raw materials and issued $249,900 of materials to the production department. Direct labor costs for the period amounted to $322,800, and manufacturing overhead of $46,200 was applied to work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,200 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,700 were sold for $801,000 during the period. Selling and administrative expenses amounted to $71,900. 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A Req B CGM Sched Rea B Inc Stmt Prepare an income statement. FINCH CORPORATION Income Statement For the year ended Year 2 Sales revenue Cost of goods sold $ 801,000 600,700 200,300 Selling and administrative expenses 71,900 Net income $ 128,400
