Exercise 11-11A (Algo) Preparing financial statements LO 11-3 Finch Corporation began fiscal Year 2 with the following balances in its inventory accounts. During the accounting period, Finch purchased $238,800 of raw materials and issued $250,000 of materials to the production department. Direct labor costs for the period amounted to $322,600, and manufacturing overhead of $47,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,500 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,800 were sold for $801,600 during the period. Selling and administrative expenses amounted to $70,100. 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. Prepare a schedule of cost of goods manufactured and sold. FINCH CORPORATION \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ FINCH CORPORATION } \\ \hline \multicolumn{1}{|c|}{ Schedule of cost of goods manufactured and sold } \\ \hline & \\ \hline & For the year ended Year 2 \\ \hline Raw materials available & \\ \hline & \\ \hline Raw materials used & \\ \hline & \\ \hline & \\ \hline Total manufacturing costs & \\ \hline & \\ \hline Total work in process inventory & \\ \hline & 0 \\ \hline Cost of goods manufactured & \\ \hline & \\ \hline Goods available for sale & \\ \hline & \\ \hline Cost of goods sold & \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Req B2 Prepare an income statement. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet