Stuart Corporation began fiscal Year 2 with the following balances in its inventory accounts.

Raw Materials	$	54,000
Work in Process		82,600
Finished Goods		27,700

During the accounting period, Stuart purchased $238,500 of raw materials and issued $248,900 of materials to the production department. Direct labor costs for the period amounted to $323,200, and manufacturing overhead of $46,200 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,300 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,000 were sold for $801,400 during the period. Selling and administrative expenses amounted to $70,800. Required

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

2. Prepare a schedule of cost of goods manufactured and sold and an income statement.

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

Prepare an income statement.

Prepare a schedule of cost of goods manufactured and sold.

	Ending Balance
Raw materials
Work in process
Finished goods

STUART CORPORATION
Income Statement
For the year ended Year 2
	0
	$0

STUART 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