Franklin Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $55,400 82,600 27,400 During the accounting period, Franklin purchased $238,300 of raw materials and issued $249,400 of materials to the production department. Direct labor costs for the period amounted to $323,800, and manufacturing overhead of $46,600 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,500 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,300 were sold for $801,000 during the period. Selling and administrative expenses amounted to $70,600. 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. Reg A Reg B CGM Sched Reg 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 Reg A Reg B CGM Sched Reg B Inc Stmt Prepare a schedule of cost of goods manufactured and sold. FRANKLIN CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Raw materials available Raw materials used 0 Total manufacturing costs Total work in process inventory 0 Cost of goods manufactured 0 Goods available for sale Cost of goods sold Req A Reg B CGM Sched Reg B Inc Stmt Prepare an income statement. FRANKLIN CORPORATION Income Statement For the year ended Year 2 0 0