Thornton Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $54,300 82,900 26,000 During the accounting period, Thornton purchased $239,000 of raw materials and issued $249,200 of materials to the production department. Direct labor costs for the period amounted to $322,200, and manufacturing overhead of $46,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,400 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,500 were sold for $800,000 during the period. Selling and administrative expenses amounted to $70,600. 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