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Solomon Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $54,500 B3,388 27,600 During the accounting period, Solomon purchased $238,700 of raw materials and issued $249,100 of materials to the production department Direct labor costs for the period amounted to $323,300, and manufacturing overhead of $47,300 was applied to Work in Process Invektory. 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 $601100 were sold for $800,700 during the period. Selling and administrative expenses amounted to $70700 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 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 SOLOMON CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Raw materials available Raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Goods available for sale 0 Cost of goods sold 0 Reg A Req B CGM Sched Reg B Inc Stmt Prepare an income statement. SOLOMON CORPORATION Income Statement For the year ended Year 2 0 $ 0