Business, 20.01.2020 17:31 bpo2205748

Rockeagle corporation began fiscal year 2018 with the following balances in its inventory accounts:

raw materials $30,000
work in process 45,000
finished goods 14,000

during the accounting period, rockeagle purchased $125,000 of raw materials and issued $124,000 of materials to the production department. direct labor costs for the period amounted to $162,000, and manufacturing overhead of $24,000 was applied to work in process inventory. assume that there was no over- or underapplied overhead. goods costing $306,000 to produce were completed and transferred to finished goods inventory. goods costing $301,000 were sold for $400,000 during the period. selling and administrative expenses amounted to $36,000.

required

determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet.
prepare a schedule of cost of goods manufactured and sold and an income statement.
prepare a schedule of cost of goods manufactured and sold.

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Rockeagle corporation began fiscal year 2018 with the following balances in its inventory accounts:...

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