Franklin Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 54,800 Work in Process 82,600 Finished Goods 27,000 During the accounting period, Franklin purchased $238,500 of raw materials and issued $249,900 of materials to the production department. Direct labor costs for the period amounted to $322,900, and manufacturing overhead of $46,800 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,700 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,700 were sold for $801,800 during the period. Selling and administrative expenses amounted to $71,900. Required Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. Prepare a schedule of cost of goods manufactured and sold and an income statement.