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Walton Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods During the accounting period, Walton purchased $239,800 of raw materials and issued $248,600 of materials to the production department. Direct labor costs for the period amounted to $323,700, and manufacturing overhead of $46,500 was applied to Work in Process Inventory. Assume that there wa no over- or nderapplied overhead. Goods costing $610,900 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,600 were sold for $800,900 during the period. Selling and administrative expenses amounted to $71,200. 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. $ 55,300 83,400 27,000 b2. Prepare an income statement. Complete this question by entering your answers in the tabs below. Req A Req B1 Raw materials Work in process Finished goods Req B2 Determine the ending balance of each of the three inventory accounts that would appear ol Ending Balance Req A Req B1

Walton Corporation began fiscal Year 2 with the following balances in its inventory accounts. During the accounting period, Walton purchased $239,800 of raw materials and issued $248,600 of materials to the production department. Direct labor costs for the period amounted to $323,700, and manufacturing overhead of $46,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,900 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,600 were sold for $800,900 during the period. Selling and administrative expenses amounted to $71,200. 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 ol Prepare a schedule of cost of goods manufactured and sold. During the accounting period, Walton purchased $239,800 of raw materials and issued $248,600 of materials to the production department. Direct labor costs for the period amounted to $323,700, and manufacturing overhead of $46,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,900 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,600 were sold for $800,900 during the period. Selling and administrative expenses amounted to $71,200. 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. Prepare an income statement

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