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Rooney Corporation began fiscal year 2018 with the following balances in its inventory accounts: Raw Materials Work in Process Finished Goods $55,000 83,500 27,400 During the accounting period, Rooney purchased $239,100 of raw materials and issued $248,300 of materials to the production department. Direct labor costs for the period amounted to $322,800, and manufacturing overhead of $46,600 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611.600 to produce were completed and transferred to Finished Goods Inventory Goods costing $601,000 were sold for $801,800 during the period. Selling and administrative expenses amounted to $70,600. 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. Req A Req B CGM Req B Inc Sched Stmt Determine the ending balance of each of the three Inventory accounts that would appear on the year-end balance sheet. Ending Balance Raw materials Work in process Finished goods During the accounting period, Rooney purchased $239,100 of raw matenals and issued department Direct labor costs for the period amounted to $322,800, and manufacturing overhead of $46,600 was applied to work in Process Inventory. Assume that there was no over- or underapplied overhead, Goods costing $611,600 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,000 were sold for $801.800 during the period. Selling and administrative expenses amounted to $70.600 Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end batance 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. Req A Re B CGM Sched Reg B Inc Stmt Prepare a schedule of cost of goods manufactured and sold. ROONEY CORPORATION Schodule of cost of goods manufactured and sold For the year ended 2018 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold Rooney Corporation began fiscal year 2018 with the following balances in its inventory accounts: Raw Materials Work in Process Finished Goods $55,000 83,5ee 27,400 During the accounting period, Rooney purchased $239,100 of raw materials and issued $248,300 of materials to the production department Direct labor costs for the period amounted to $322,800, and manufacturing overhead of $46,600 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,600 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,000 were sold for $801,800 during the period. Selling and administrative expenses amounted to $70,600. 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. Reg A Req B CGM Sched Req B Inc Stmt Prepare an income statement ROONEY CORPORATION Income Statement For the year ended 2018

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