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Baird Corporation began fiscal Year 2 with the following balances in its inventory accounts. During the accounting period, Baird purchased $238,300 of raw materials and issued $249,600 of materials to the production department Direct labor costs for the period amounted to $322,800, and manufacturing overhead of $47,700 was applied to Work in Process Inventory. Assume that there was no $600,500 derapplied overhead. Goods costing $610,400 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,500 were sold for $800,700 during the period. Selling and administrative expenses amounted to $71,900. 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. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. BAIRD CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Raw materials available Raw materials used P Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold $ 0 BAIRD CORPORATION Income Statement For the year ended Year 2

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