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

Raw Materials	$ 55,200
Work in Process	83,500
Finished Goods	27,900

During the accounting period, Munoz purchased $238,300 of raw materials and issued $249,500 of materials to the production department. Direct labor costs for the period amounted to $322,100, and manufacturing overhead of $47,000 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,500 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,300 were sold for $800,100 during the period. Selling and administrative expenses amounted to $71,000.

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. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. Prenare a crhedule of rost of annda manufartured and anld Prepare an income statement