Vernon Corporation began fiscal year 2018 with the following balances in its inventory accounts Raw Materials Work in Process Finished Goods $55,800 82,300 27,500 During the accounting period, Vernon purchased $238,900 of raw materials and issued $248,700 of materials to the production department. Direct labor costs for the period amounted to $323,500, and manufacturing overhead of $47,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,000 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,300 were sold for $800,400 during the period. Selling and administrative expenses amounted to $70,800 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 B CGM Sched Req B Inc Stmt Req A 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 K Req A Req B CGM Sched