Franklin Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 54,800 Work in Process 82,600 Finished Goods 27,000 During the accounting period, Franklin purchased $238,500 of raw materials and issued $249,900 of materials to the production department. Direct labor costs for the period amounted to $322,900, and manufacturing overhead of $46,800 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 $600,700 were sold for $801,800 during the period. Selling and administrative expenses amounted to $71,900. 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.

Financial information that is capable of making a difference in a decision is

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.

On january 1, eastern college received $1,350,000 from its students for the spring semester that it recorded in unearned tuition and fees. the term spans four months beginning on january 2 and the college spreads the revenue evenly over the months of the term. assuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on february 28?