Exercise 11-11A (Algo) Preparing financial statements LO 11-3 Thornton Corporation began fiscal Year 2 with the following balances in its inventory accounts. During the accounting period, Thornton purchased $239,500 of raw materials and issued $248,100 of materials to the production department. Direct labor costs for the period amounted to $322,500, and manufacturing overhead of $47,100 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,800 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,400 were sold for $801,300 during the period. Selling and administrative expenses amounted to $71,800. 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