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during the period. Selling and administrative expenses amounted to $71,400. 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.

during the period. Selling and administrative expenses amounted to $71,400. 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Walton Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 54, 300 Work in Process 83,900 Finished Goods 27, 100 During the accounting period, Walton purchased $238,300 of raw materials and issued $248, 400 of materials to the production department. Direct labor costs for the period amounted to $323, 200, and manufacturing overhead of $ 47,100 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $ 611, 500 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600, 700 were sold for $801, 500 during the period. Selling and administrative expenses amounted to $71,400. 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.
Transcribed Image Text:Walton Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 54, 300 Work in Process 83,900 Finished Goods 27, 100 During the accounting period, Walton purchased $238,300 of raw materials and issued $248, 400 of materials to the production department. Direct labor costs for the period amounted to $323, 200, and manufacturing overhead of $ 47,100 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $ 611, 500 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600, 700 were sold for $801, 500 during the period. Selling and administrative expenses amounted to $71,400. 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.
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