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Adams Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 54,600 Work in Process 83,400 Finished Goods 27,400 During the accounting period, Adams purchased $239,200 of raw materials and issued $248,600 of materials to the production department. Direct labor costs for the period amounted to $323,000, and manufacturing overhead of $46,300 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 $601,100 were sold for $800,600 during the period. Selling and administrative expenses amounted to $70,200. 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.
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Adams Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Mat...
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