Rundle Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $55,600 82,100 26,200 During the accounting period, Rundle purchased $238,900 of raw materials and issued $248,200 of materials to the production department. Direct labor costs for the period amounted to $322,200, and manufacturing overhead of $46,600 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,000 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,100 were sold for $801,100 during the period. Selling and administrative expenses amounted to $70,800. 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. Ending Balance Raw materials Work in process Finished goods < Req A Req B CGM Sched > Req A Req B CGM Sched Req B Inc Stmt Prepare a schedule of cost of goods manufactured and sold. RUNDLE CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Raw materials available Raw materials used 0 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured Goods available for sale Cost of goods sold Req A Req B CGM Sched Req B Inc Stmt Prepare an income statement. RUNDLE CORPORATION Income Statement For the year ended Year 2 0 0 $ 0 < Req A $ 0 Req B Inc Stmt > < Req B CGM Sched Req B Inc