Munoz Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $55,000 82,200 26,500 During the accounting period, Munoz purchased $238,900 of raw materials and issued $249,800 of materials to the production department. Direct labor costs for the period amounted to $323,000, and manufacturing overhead of $47,900 was applied to Work in Process Inventory. Assume that there was no over-or underapplied overhead. Goods costing $611,100 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,200 were sold for $801,700 during the period. Selling and administrative expenses amounted to $70,800. PS Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income statement. Complete this question by entering your answers in the tabs belov Req A Req B CGM Sched Req B Inc Stmt Determine the ending balance of each of the three inventory accounts that Ending Balance $ 44,100 Raw materials Work in process Finished goods & RoqA Req BCO Prey 2 of 3 17: Next Check my work 2 a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet b. Prepare a schedule of cost of goods manufactured and sold and an income statement Complete this question by entering your answers in the tabs belov ok nt ences Req B CGM Req B Inc Req A Sched Stmt 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 Beginning raw materials inventory $ 55,000 Purchases 238,900 Raw materials available 293,900 Ending raw materials inventory 44,100 Raw materials used 249,800 Labor Manufacturing overhead 47,900 Total manufacturing costs 297.700 Beginning work in process inventory Total work in process inventory 297,700 Ending work in process inventory Cost of goods manufactured 297.700 Beginning finished goods inventory Goods available for sale 297,700 Ending finished goods inventory Cost of goods sold $ 297,700 Raw Materials Work in Process Finished Goods $55,000 82,200 26,500 During the accounting period, Munoz purchased $238,900 of raw materials and issued $249,800 of materials to the production department. Direct labor costs for the period amounted to $323,000, and manufacturing overhead of $47.900 was applied to Work in Process Inventory. Assume that there was no over-or underapplied overhead. Goods costing $611,100 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,200 were sold for $801,700 during the period. Selling and administrative expenses amounted to $70,800. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income statement. s Complete this question by entering your answers in the tabs belov Req A Req B CGM Sched Req B Inc Stmt Prepare an income statement. MUNOZ CORPORATION Income Statement For the year ended Year 2 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses 0 Net income 0 Reg.B.CGM Sched RO