2. Jones Company provided the following balances for the year ended December 31: Selling expenses $100,000 Purchases of raw material $250,000 Direct labor $200,000 Administrative expenses $20,000 Manufacturing overhead ? Inventory balances at the beginning and end of the year follow: Beginning of year End of year Raw materials $70,000 Work in progress $150,000 Finished goods $200,000 $30,000 ? ? The total manufacturing costs for the year were $770,000; the cost of goods available for sale totaled $700,000; the cost of goods sold totaled $300,000; and the net operating income was $80,000. Required: Prepare an income statement. The long version as done in class. It should show all the amounts that have a question mark.