Franklin Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $55,100 83,300 26,300 * During the accounting period, Franklin purchased $238,500 of raw materials and issued $248,700 of materials to the production department. Direct labor costs for the period amounted to $322,100, and manufacturing overhead of $46,800 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,400 to produce were completed and transferred to Finished Goods Inventory Goods costing $600,700 were sold for $800,600 during the period. Selling and administrative expenses amounted to $71,600. 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 nces Complete this question by entering your answers in the tabs below. ReqA Reg B CGM Req B Inc Sched 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 Req B COM Sched > Complete this question by entering your answers in the tabs below. eBook Req A Req B CGM Sched Req B Inc Stmt Hint 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 Ask References Raw materials available 0 Raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Goods available for sale 0 Cost of goods sold $ 0