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

During the accounting period, Stuart purchased $$239,000$ of raw materials and issued $$248,600$ of materials to the production

department. Direct labor costs for the period amounted to $$323,100,$ and manufacturing overhead of $$47,500$ was applied to Work in

Process Inventory. Assume that there was no over$-$ or underapplied overhead. Goods costing $$611,900$ to produce were completed

and transferred to Finished Goods Inventory. Goods costing $$601,800$ were sold for $$800,100$ 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$1.$ Prepare a schedule of cost of goods manufactured and sold.

b$2.$ Prepare an income statement.

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

Req $A,$ Req $B1$

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

Req A

Req B$1$

Req B$2$

Prepare a schedule of cost of goods manufactured and sold.