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Rockeagle Corporation began fiscal year 2018 with the following balances in its inventory accounts:

Raw Materials	$	30,000
Work in Process		45,000
Finished Goods		14,000

During the accounting period, Rockeagle purchased $125,000 of raw materials and issued $124,000 of materials to the production department. Direct labor costs for the period amounted to $162,000, and manufacturing overhead of $24,000 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $306,000 to produce were completed and transferred to Finished Goods Inventory. Goods costing $301,000 were sold for $400,000 during the period. Selling and administrative expenses amounted to $36,000.

Required

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

Prepare a schedule of cost of goods manufactured and sold and an income statement.

Prepare a schedule of cost of goods manufactured and sold.

ROCKEAGLE CORPORATION Schedule of cost of goods manufactured and sold For the year ended 2018 Beginning raw materials inventory Purchases Raw materials available 0 Ending raw materials inventory Raw materials used 0 Labor Manufacturing overhead Total manufacturing costs 0 Beginning work in process inventory Total work in process inventory 0 Ending work in process inventory Cost of goods manufactured 0 Beginning finished goods inventory Goods available for sale 0 Ending finished goods inventory Cost of goods sold $0 Prepare an income statement. ROCKEAGLE CORPORATION Income Statement For the year ended 2018 0 $0

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