Perez Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 55,600 Work in Process 82,700 Finished Goods 26,300 During the accounting period, Perez purchased $239,100 of raw materials and issued $248,600 of materials to the production department. Direct labor costs for the period amounted to $323,700, and manufacturing overhead of $46,400 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 $601,300 were sold for $801,800 during the period. Selling and administrative expenses amounted to $70,300. Required Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. Prepare a schedule of cost of goods manufactured and sold and an income statement.