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

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Accounting

Stuart Corporation began fiscal Year 2 with the following balances in its inventory accounts.
During the accounting period, Stuart purchased $239,000 of raw materials and issued $248,600 of materials to the production
department. Direct labor costs for the period amounted to $323,100, and manufacturing overhead of $47,500 was applied to Work in
Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,900 to produce were completed
and transferred to Finished Goods Inventory. Goods costing $601,800 were sold for $800,100 during the period. Selling and
administrative expenses amounted to $70,800.
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.
Req A, Req B1
Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet.
Req A
Req B1
Req B2
Prepare a schedule of cost of goods manufactured and sold.
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