Preparing Financial statements

Rockeagle Corrporation began fiscal year 2018 with the following balances in its inventory.

Raw Materirals. $30,000

Work in Process. $45,000

Finsished Goods. $14,000

During the accounting period, Rockeagle purchased 125,000 of raw materials and issued 124,000 of materials to the production department. Direct labor costs for the period amounted to 162,000, and manufacturing overhead of 24,000 was applied to work in process inventory. Assumed that there was no over or underapplied overhaed. Goods costing 306,000 to produce were completed and transferred to finished goods inventory. Good costing 301,000 we're sold for 400,000 during the period. Selling and administrative expenses amounted to 36,000.

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 statment