Exercise $11-11$A $($Algo$)$ Preparing financial statements LO $11-33\mathrm{.}75$pointseBookHintPrintFinch Corporation began fiscal Year $2$ with the following balances in its inventory accounts.Raw MaterialsWork in ProcessFinished Goods$ $55,00083,50027,300$During the accounting period, Finch purchased $$238,400$ of raw materials and issued $$248,200$ of materials to the production department. Direct labor costs for the period amounted to $$322,000,$ and manufacturing overhead of $$47,000$ was applied to Work in Process Inventory. Assume that there was no over$-$ or underapplied overhead. Goods costing $$610,100$ to produce were completed and transferred to Finished Goods Inventory. Goods costing $$601,600$ were sold for $$801,200$ during the period. Selling and administrative expenses amounted to $$71,200.$Requireda. Determine the ending balance of each of the three inventory accounts that would appear on the year$-$end balance sheet.b$1.$ Prepare a schedule of cost of goods manufactured and sold.b$2.$ Prepare an income statement.Complete this question by entering your answers in the tabs below.Req AReq B$1$Req B$2$