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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. ...

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Accounting

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

Raw Materials $ 54,300
Work in Process 83,500
Finished Goods 26,400

During the accounting period, Benson purchased $239,700 of raw materials and issued $248,800 of materials to the production department. Direct labor costs for the period amounted to $322,400, and manufacturing overhead of $46,700 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 $800,000 during the period. Selling and administrative expenses amounted to $71,600. 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.

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