Stuart Corporation began fiscal Year with the following balances in its inventory accounts.
During the accounting period, Stuart purchased $ of raw materials and issued $ of materials to the production
department. Direct labor costs for the period amounted to $ and manufacturing overhead of $ was applied to Work in
Process Inventory. Assume that there was no over or underapplied overhead. Goods costing $ to produce were completed
and transferred to Finished Goods Inventory. Goods costing $ were sold for $ during the period. Selling and
administrative expenses amounted to $
Required
a Determine the ending balance of each of the three inventory accounts that would appear on the yearend balance sheet.
b Prepare a schedule of cost of goods manufactured and sold.
b Prepare an income statement.
Complete this question by entering your answers in the tabs below.
Req Req
Determine the ending balance of each of the three inventory accounts that would appear on the yearend balance sheet.
Req A
Req B
Req B
Prepare a schedule of cost of goods manufactured and sold.
