Exercise $11-11$A $($Algo$)$ Preparing financial statements LO $11-3$

Rooney Corporation began fiscal Year $2$ with the following balances in its imentory accounts

Duing ihe accouning period. Rooney purchased $$238,800$ of raw materials and issued $$248,400$ of maternals to the production department. Direct labor costs tor the period amounted to $$322,300,$ and manufacturing overhead of $$47,200$ was applied to Work in Process inventory Assume that there was no over or underapplied overhead Goods costing $$611100$ to produce were completed and Hansferted fo$.$ Finished Goods inventory Goods costing $$600100$ were sold for $$801,900$ during the period Selling and administrative expenses amounted to $$70100$

Required

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

b$1.$ Prepare a schedule of cost of goods manufactured and sold

b$2.$ Prepare an income statement:

Complete this question by entering your answers in the labs below:

Req A

Req $B1$

Req $B_2$

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

$\backslash$table$[[,$Tinding Bafarice$],[$Rawmaterials$,],[$Warkin process,$],[$Finished goods,$]]$

Req B$1$

Prepare a schedule of cost of goods manufactured and sold.