On December 31,Year 1,Zeus Manufacturing Reported the Following Balances in Its

On December 31,Year 1,Zeus Manufacturing reported the following balances in its inventory accounts: $\begin{array}{|l|r|}\hline \text { Account } & \text { Balance } \\\hline \text { Raw materials inventory } & \$ 21,000 \\\hline \text { Work in process inventory } &32,500 \\\hline \text { Finished goods inventory } &36,500 \\\hline\end{array}$ The following events occurred during Year 2:
a)purchased raw materials for cash,$375,000
b)raw materials used to make products,$359,500
c)direct labor costs of $204,000 were paid in cash
d)estimated overhead applied to work in process,$183,600
e)paid cash for actual overhead costs,$180,500
f)completed products that cost $704,500
g)sold goods that had cost $696,000 for $985,000 cash
h)paid cash for selling and administrative expenses,$206,000
Required:
1)Prepare Zeus' schedule of cost of goods manufactured and sold for Year 2.
2)Prepare the income statement for Year 2.
3)Calculate the balances in the Raw Materials,Work in Process,and Finished Goods Inventory accounts as of December 31,Year 2.