Thornton Corporation began fiscal Year 2 with the following balances in its inventory accounts: During the accounting period. Thornton purchased $239700 of raw materials and issued $248,100 of materials to the production department. Direct labor costs for the period amounted to $323,300, and manufacturing overhead of $46, 300 was applied to Work in Process Inventory. Assume that there was no over-or underapplied overhead. Goods costing $611,300 to produce were completed and transferred to Finished Goods inventory. Goods costing $600,200 were sold for $801,200 during the period. Selling and administrative expenses amounted to $71,400. Required 0. 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. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet.) 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. Prepare a schedule of oost of goods manufactured and sold. Complete this question by entering your answers in the tabs below. Prepare an income statement