Tom Selling, general manager of Cornell Corporation's Midwest Division, has provided the following information for trans- actions that occurred during March. This division uses a JIT costing system. 

(a) Raw materials were purchased at the cost of $97,000.

(b) All materials purchased were requisitioned for production. 

(c) Direct labor costs of $77,000 were incurred. (d) Actual factory overhead costs amounted to $225,000. 

(e) Applied conversion costs totaled $300,000. This included $77,000 of direct labor. (f) All units were completed. 

Required: 

1. Determine the March 31 balance in the Conversion Cost account. 

2. Determine the March 31 balance in the Finished Goods account.