Rooney Corporation began fiscal year 2018 with the following balances in its inventory accounts:

Raw Materials	$	55,300
Work in Process		83,800
Finished Goods		26,200

During the accounting period, Rooney purchased $239,300 of raw materials and issued $249,500 of materials to the production department. Direct labor costs for the period amounted to $322,400, and manufacturing overhead of $46,700 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 $601,100 were sold for $800,500 during the period. Selling and administrative expenses amounted to $70,100.

Required

Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet.

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.

	Ending Balance
Raw materials
Work in process
Finished goods

Complete this question by entering your answers in the tabs below.

Req A

Req B CGM Sched

Req B Inc 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 2018
Raw materials available
Raw materials used
Total manufacturing costs
Total work in process inventory
Cost of goods manufactured
Goods available for sale
Cost of goods sold

Complete this question by entering your answers in the tabs below.

Req A

Req B CGM Sched

Req B Inc Stmt

Prepare an income statement.

ROONEY CORPORATION
Income Statement
For the year ended 2018