Zachary Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $55,300 82,900 27,700 During the accounting period, Zachary purchased $238,500 of raw materials and issued $249,200 of materials to the production department. Direct labor costs for the period amounted to $322,500, and manufacturing overhead of $47,000 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 $601,900 were sold for $800,500 during the period. Selling and administrative expenses amounted to $70,500. 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 Req A Req B CGM Sched Req B Inc Stmt Prepare a schedule of cost of goods manufactured and sold. ZACHARY 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. ZACHARY CORPORATION Income Statement For the year ended Year 2