Exercise 11-11A (Algo) Preparing financial statements LO 11-3 Solomon Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $54,000 83,200 26,400 During the accounting period, Solomon purchased $239,700 of raw materials and issued $249,500 of materials to the production department. Direct labor costs for the period amounted to $323,900, and manufacturing overhead of $46,000 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $612,000 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,800 were sold for $801,000 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. b. Prepare a schedule of cost of goods manufactured and sold and an income statement. Complete this question by entering your answers in the tabs below. Req A Req B CGM Sched Req B Inc Stmt 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