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. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet