Thornton Corporation began fiscal Year 2 with the following balances in its inventory accounts. During the accounting period. Thornton purchased $238,900 of raw materials and issued $248,000 of materials to the production department. Direct labor costs for the period amounted to $322,900, and manufacturing overhead of $46,300 was applied to Work in Process Inventory. Assume that there was no over-or underapplied overhead, Goods costing $611,600 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,300 were sold for $800,600 during the period. Selling and administrative expenses amounted to $72,000 Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balonce sheet: b. Prepare a schedule of cost of goods manufactured and sold and on income statement. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured and sold. Complete this question by entering your answers in the tabs below. Prepare an income statement