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Dale Corporation began fiscal year 2014 with the following balances in its inventory accounts.

Raw Materials	$	54,800
Work in Process		83,600
Finished Goods		26,300

During the accounting period, Dale purchased $238,800 of raw materials and issued $249,900 of materials to the production department. Direct labor costs for the period amounted to $322,600, and manufacturing overhead of $47,900 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,400 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,100 were sold for $801,700 during the period. Selling and administrative expenses amounted to $70,400.

Required:
a.	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

b.	Prepare a schedule of cost of goods manufactured and sold and an income statement.

	DALE CORPORATION Cost of Goods Manufactured and Sold Schedule For 2014 Raw materials available 0 Raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Goods available for sale 0 Cost of goods sold $0

DALE CORPORATION Income Statement for 2014

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