Munoz Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $ 54,400 83,700 27,300 During the accounting period, Munoz purchased $238,600 of raw materials and issued $250,000 of materials to the production department. Direct labor costs for the period amounted to $323,300, and manufacturing overhead of $47,000 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,400 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,300 were sold for $801,200 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. 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. Raw materials Ending Balance During the accounting period, Munoz purchased $238,600 of raw materials and issued $250,000 of materials to the production department. Direct labor costs for the period amounted to $323,300, and manufacturing overhead of $47,000 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,400 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,300 were sold for $801,200 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. 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 Req B2 Prepare a schedule of cost of goods manufactured and sold. MUNOZ 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 Req A Req B1 Req B2 Prepare an income statement. MUNOZ CORPORATION Income Statement For the year ended Year 2 < Req B1 Req B2>