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	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

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
	0
	$0