Campbell Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $ 54,400 82,100 26,400 During the accounting period, Campbell purchased $239,900 of raw materials and issued $249,700 of materials to the production department. Direct labor costs for the period amounted to $322,800, and manufacturing overhead of $46,900 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,700 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,900 were sold for $800,500 during the period. Selling and administrative expenses amounted to $71,800. 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 02 Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. Ending Balance Raw materials Work in process Finished goods Req B1
Campbell Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $ 54,400 82,100 26,400 During the accounting period, Campbell purchased $239,900 of raw materials and issued $249,700 of materials to the production department. Direct labor costs for the period amounted to $322,800, and manufacturing overhead of $46,900 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,700 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,900 were sold for $800,500 during the period. Selling and administrative expenses amounted to $71,800. 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 02 Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. Ending Balance Raw materials Work in process Finished goods Req B1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
Transcribed Image Text:Campbell Corporation began fiscal Year 2 with the following balances in its Inventory accounts.
$ 54,400
Raw Materials
Work in Process
Finished Goods
82,100
26,400
During the accounting period, Campbell purchased $239,900 of raw materials and issued $249,700 of materials to the production
department. Direct labor costs for the period amounted to $322,800, and manufacturing overhead of $46,900 was applied to Work in
Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,700 to produce were completed
and transferred to Finished Goods Inventory. Goods costing $601,900 were sold for $800,500 during the period. Selling and
administrative expenses amounted to $71,800.
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.
Reg A
Req B1
Req 82
Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet.
Ending Balance
Raw materials
Work in process
Finished goods
Hey A
Req B1 >
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