For the year ended Year 2 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. \begin{tabular}{|c|c|} \hline \multicolumn{1}{|c|}{ FANNING CORPORATION } \\ \hline Income Statement \\ \hline For the year ended Year 2 \\ \hline \\ \hline \end{tabular} During the accounting period, Fanning purchased $238,600 of raw materials and issued $249,600 of materials to the production department. Direct labor costs for the period amounted to $323,000, and manufacturing overhead of $47,300 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 $600,100 were sold for $801,800 during the period. Selling and administrative expenses amounted to $72,000. 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