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  3. benson corporation began fiscal year 2 with the fo

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

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Accounting

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Benson Corporation began fiscal Year 2 with the following balances in its inventory accounts. During the accounting period, Benson purchased $239,600 of raw materials and issued $249,800 of materials to the production department. Direct labor costs for the period amounted to $323,100, and manufacturing overhead of $46,100 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,100 to produce were completed and transferred to Finished Goods Inventory, Goods costing $601,900 were sold for $801,100 during the period. Selling and administrative expenses amounted to $71,100. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare 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

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