Franklin Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 54,200 Work in Process Finished Goods 83,800 26,400 During the accounting period, Franklin purchased $239,600 of raw materials and issued $248,000 of materials to the production department. Direct labor costs for the period amounted to $322,000, and manufacturing overhead of $48,000 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,800 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,600 were sold for $801,000 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. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 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 A Req B1 > Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare a schedule of cost of goods manufactured and sold. FRANKLIN CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Beginning finished goods inventory Beginning raw materials inventory Beginning work in process inventory Ending finished goods inventory Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold 0 0 0 0 0 0 $ 0 < Req A Req B2 > b2. Prepare an income statement. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare a schedule of cost of goods manufactured and sold. FRANKLIN CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 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 0 0 0 0 0 0 $ 0 < Req A Req B2 > departmenIL DIRECTIONDI LUSIS IUn me period amounted 10 $322,000, and manufacturing OVERTICAL VI 70,000 was appricU TO WORK JEL Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,800 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,600 were sold for $801,000 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. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare an income statement. FRANKLIN CORPORATION Income Statement For the year ended Year 2 0 Accumulated depreciation Cash Common stock $ 0 Cost of goods sold eq B1 Req B2 > department. DITCLLIQNDI LUt for me peTION ANTIQUNCU 10 4022,000, anu manuraciunny overcAU VI $70,000 was appiilu LO WOIN III Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,800 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,600 were sold for $801,000 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. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare an income statement. FRANKLIN CORPORATION Income Statement For the year ended Year 2 Finished goods inventory Manufacturing equipment Manufacturing overhead Raw materials inventory Retained earnings Salary expense Req B1 0 0 Req B2 Franklin Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $ 54,200 83,800 26,400 During the accounting period, Franklin purchased $239,600 of raw materials and issued $248,000 of materials to the production department. Direct labor costs for the period amounted to $322,000, and manufacturing overhead of $48,000 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,800 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,600 were sold for $801,000 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. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare an income statement. FRANKLIN CORPORATION Income Statement For the year ended Year 2 $ 0 < Req B1 Req B2 >