Franklin Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 54,900 Work in Process 82,500 Finished Goods 27,200 During the accounting period, Franklin purchased $238,900 of raw materials and issued $249,000 of materials to the production department. Direct labor costs for the period amounted to $323,500, and manufacturing overhead of $47,300 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,500 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,800 were sold for $801,500 during the period. Selling and administrative expenses amounted to $71,100. Required Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. Prepare a schedule of cost of goods manufactured and sold and an income statement.

Franklin Corporation began fiscal Year 2 with the following balances in its inventory accounts.

Raw Materials	$	54,900
Work in Process		82,500
Finished Goods		27,200

During the accounting period, Franklin purchased $238,900 of raw materials and issued $249,000 of materials to the production department. Direct labor costs for the period amounted to $323,500, and manufacturing overhead of $47,300 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,500 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,800 were sold for $801,500 during the period. Selling and administrative expenses amounted to $71,100. Required

1. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet.

2. Prepare a schedule of cost of goods manufactured and sold and an income statement