Gibson Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $55,400 82,100 27,800 During the accounting period, Gibson purchased $238,500 of raw materials and issued $248,100 of materials to the production department. Direct labor costs for the period amounted to $323,900, and manufacturing overhead of $46,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,600 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,200 were sold for $800,900 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. RAGA Req B CGM Reinc 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 ReqB COM Sched > Req A Req B CGM Sched Req B Inc Stmnt Prepare a schedule of cost of goods manufactured and sold. GIBSON CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold (Reg A Reginc > Prepare an income statement. GIBSON CORPORATION Income Statement For the year ended Year 2 Req B CGM Sched Reg B