Rooney Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 55,000 Work in Process 82,800 Finished Goods 27,800 During the accounting period, Rooney purchased $238,900 of raw materials and issued $249,400 of materials to the production department. Direct labor costs for the period amounted to $322,700, and manufacturing overhead of $46,100 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 $600,400 were sold for $801,400 during the period. Selling and administrative expenses amounted to $70,100. 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.