Rooney Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $54,400 82,800 26,700 During the accounting period, Rooney purchased $238,300 of raw materials and issued $248,600 of materials to the production department. Direct labor costs for the period amounted to $322,700, and manufacturing overhead of $46,800 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,300 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,200 were sold for $800,700 during the period. Selling and administrative expenses amounted to $71,500. 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 B CGM Sched Req B Inc Req A Stmt 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. Ending Balance Raw materials Work in process Finished goods Req B CGM Sched Req B Inc Req A Stmt Prepare a schedule of cost of goods manufactured and sold. ROONEY CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 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 Req A Req B CGM Sched Req B Inc Stmt Prepare an income statement. ROONEY CORPORATION Income Statement For the year ended Year 2 0 0