2 Finch Corporation began fiscal Year 2 with the following balances in its inventory accounts. 6.66 points Raw Materials Work in Process Finished Goods $55,400 83,200 27,000 During the accounting period, Finch purchased $238,400 of raw materials and issued $249,100 of materials to the production department. Direct labor costs for the period amounted to $322,100, and manufacturing overhead of $46,600 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,000 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,800 were sold for $801,200 during the period. Selling and administrative expenses amounted to $70,500. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income statement. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A Req B CGM Sched Req B Inc Stmt Prepare an income statement. Return to question 2 administrative expenses amounted to $70,500. Required 6.66 points a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income statement. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A Req B CGM Sched Req B Inc Stmt Prepare an income statement. FINCH CORPORATION Income Statement For the year ended Year 2 Sales revenue $ 801,200 601,800 199,400 Cost of goods sold Gross margin Selling and administrative expenses Selling and administrative expenses Net income x 199,400 X 70,500 $ (70,500)