Thornton Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $55,200 84,000 26,700 During the accounting period, Thornton purchased $239,700 of raw materials and issued $249,500 of materials to the production department. Direct labor costs for the period amounted to $322,500, and manufacturing overhead of $47,600 was applied to Wo Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,700 to produce were complet and transferred to Finished Goods Inventory. Goods costing $601,500 were sold for $801,500 during the period. Selling and administrative expenses amounted to $71,800. 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. Req A Req B CGM Sched Req B Inc 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 Complete this question by entering your answers in the tabs below. Reg A Req B CGM Sched Req Inc Stmt 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 Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold Req A Req B CGM Sched Req B Inc Stmt Prepare an income statement. THORNTON CORPORATION Income Statement For the year ended Year 2