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

Jordan Corporation began fiscal Year $2$ with the following balances in Its Inventory accounts.

Raw Materials

Work in Process

Finished Goods

$$54,690$

$82,690$

$27,690$

During the accounting perlod, Jordan purchased $$238,600$ of raw materlals and issued $$249,200$ of materlals to the production

department. Direct labor costs for the perlod amounted to $$322,300,$ and manufacturing overhead of $$46,200$ was applied to Work in

Process Inventory. Assume that there was no over$-$ or underapplied overhead. Goods costing $$611,000$ to produce were completed

and transferred to Finished Goods Inventory. Goods costing $$600,100$ were sold for $$801,400$ during the perlod. Selling and

administrative expenses amounted to $$71,000.$

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.

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Prepare a schedule of cost of goods manufactured and sold.