Adams Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 54,100 Work in Process Finished Goods 83,000 26,700 During the accounting period, Adams purchased $239,200 of raw materials and issued $248,600 of materials to the production department. Direct labor costs for the period amounted to $323,800, and manufacturing overhead of $47,000 was applied to Wor Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,500 to produce were complete and transferred to Finished Goods Inventory. Goods costing $601,700 were sold for $801,400 during the period. Selling and administrative expenses amounted to $71,600. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 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