Fanning Corporation began fiscal year 2018 with the following balances in its inventory accounts: Raw Materials Work in Process Finished Goods $55,400 82,300 26,800 During the accounting period, Fanning purchased $238,100 of raw materials and issued $248,800 of materials to the production department. Direct labor costs for the period amounted to $322,700, and manufacturing overhead of $46,800 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,200 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,400 were sold for $800,200 during the period. Selling and administrative expenses amounted to $70,200. 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 B CGM Sched Req B Inc Stmt Req A 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