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

Raw Materials	$	56,000
Work in Process		82,200
Finished Goods		27,100

During the accounting period, Munoz purchased $238,900 of raw materials and issued $249,600 of materials to the production department. Direct labor costs for the period amounted to $323,400, and manufacturing overhead of $47,400 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,200 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,700 were sold for $802,000 during the period. Selling and administrative expenses amounted to $71,600.

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.

Chapter 11 Assignment Saved Hels 6 Munoz Corporation began fiscal Year 2 with the following balances in its inventory accounts. 10 points Raw Materials Work in Process Finished Goods $56,000 82,200 27,100 eBook Hint During the accounting period, Munoz purchased $238,900 of raw materials and issued $249,600 of materials to the production department. Direct labor costs for the period amounted to $323,400, and manufacturing overhead of $47,400 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,200 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,700 were sold for $802,000 during the period. Selling and administrative expenses amounted to $71,600. Print References 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 below. Req A Req B CGM Sched Req B Inc Stmt Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. Raw materials Ending Balance $ 45,300 $ 146,200 Work in process Finished goods Chapter 11 Assignment Saved Help 6 Complete this question by entering your answers in the tabs below. Req A Req B CGM Sched Req B Inc Stmt 10 points Prepare a schedule of cost of goods manufactured and sold. eBook MUNOZ CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Hint Print References Raw materials available 0 Raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Goods available for sale 0 Cost of goods sold $ 0