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

Raw Materials	$	55,900
Work in Process		83,600
Finished Goods		26,700

During the accounting period, Thornton purchased $238,600 of raw materials and issued $249,500 of materials to the production department. Direct labor costs for the period amounted to $323,300, and manufacturing overhead of $46,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,100 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,400 were sold for $801,900 during the period. Selling and administrative expenses amounted to $71,200. Required

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

Prepare a schedule of cost of goods manufactured and sold.

THORNTON CORPORATION
Schedule of cost of goods manufactured and sold
For the year ended Year 2
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

Prepare an income statement.

THORNTON CORPORATION
Income Statement
For the year ended Year 2
	0
	$0