es Rooney Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw...

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es Rooney Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $ 55,900 82,600 27,300 During the accounting period, Rooney purchased $239,900 of raw materials and issued $249,000 of materials to the production department. Direct labor costs for the period amounted to $323,600, and manufacturing overhead of $46,900 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,400 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,600 were sold for $801,000 during the period. Selling and administrative expenses amounted to $70,900. 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. es Rooney Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $ 55,900 82,600 27,300 During the accounting period, Rooney purchased $239,900 of raw materials and issued $249,000 of materials to the production department. Direct labor costs for the period amounted to $323,600, and manufacturing overhead of $46,900 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,400 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,600 were sold for $801,000 during the period. Selling and administrative expenses amounted to $70,900. 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.