Jordan Corporation began fiscal Year 2 with the following balances in its inventory accounts. During the accounting period, Jordan purchased $238,000 of raw materials and issued $249,200 of materials to the production department. Direct labor costs for the period amounted to $323,000, and manufacturing overhead of $46,900 was applied to Work in Process Inventory. Assume that there was no over-or underapplied overhead. Goods costing $611,500 to produce were completed and transferred to Finished Goods inventory. Goods costing $600,200 were sold for $801,100 during the period. Selling and administrative expenses amounted to $70,900. 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. Determine the ending balance of each of the three inventory accounts that - Lhadula af anet of anode maniufartiured and sold. JORDAN CORPORATION Income Statement For the year ended Year 2