INGREDIENTS: UNBLEACHED EWRICHED FLOUR WHEAT FLOUR MAC RE CONTAINS Problem 3 (20 points total) On December 31, Year 1, Zeus Manufacturing reported the following balances in its inventory accounts ccount Bahnce 21.000 32.500 36,500 Raw materias inventor Work n process inventory Finishe d goods inventory The following events occurred during Year 2: a) purchased raw materials for cash, $375,000 b) raw materials used to make products, $359,500 c) direct labor costs of $204,000 were paid in cash d) estimated overhead applied to work in process, $183,600 e) paid cash for actual overhead costs, $180,500 f) completed products that cost $704,500 g) sold goods that had cost $696,000 for $985,000 cash h) paid cash for selling and administrative expenses, $206,000 Required: 1) Prepare Zeus' schedule of cost of goods manufactured and sold for Year 2. (2 parts- worth 5 points each 2) Prepare the income statement for Year 2. (worth 4 points) 3) Calculate the balances in the Raw Materials, Work in Process, and Finished Goods Inventory accounts aso December 31, Year 2. (3 parts - 2 points each) Cost of Goods Manufactured Cost of Goods Sold Begnning materials unventory Add puchases Materials avalable for use Less unventory n endng nventory Matenals used Duect Labor