Lionsclaw, Inc., which operates a perpetual inventory system, incurred the following transactions during the 2016 fiscal year: At January 1, the company had no inventory of washers The company purchased 3,000 washers for $300 each. Lionsclaw sold 2,000 washers for $500 each. The company paid $19,000 in Selling, General & Administrative Costs Given that these are the only events occurring in 2016, how much inventory would Lionsclaw report on its Balance Sheet at the end of 2016? $300,000 $500,000 $1,000,000 $900,000