Solomon Corporation began fiscal Year 2 with the following balances in its inventory accounts.

Raw Materials	$	54,900
Work in Process		83,200
Finished Goods		27,300

During the accounting period, Solomon purchased $239,900 of raw materials and issued $249,400 of materials to the production department. Direct labor costs for the period amounted to $322,600, and manufacturing overhead of $46,700 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 $600,000 were sold for $800,500 during the period. Selling and administrative expenses amounted to $71,600. Required

1. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet.

2. Prepare a schedule of cost of goods manufactured and sold and an income statement.