1. Iolanni Company produced 2,400 teakwood screens during the past year. Iolanni had total sales for the year of $826,700. Iolanni's accounting records provide the following information: Purchases of direct materials $199,000 Direct materials inventory, January 1 23,000 Direct materials inventory, December 31 31,000 Direct labor 144,000 Indirect labor 38,610 Rent, factory building 24,000 Depreciation, factory equipment 17,000 Utilities, factory 7,900 Salary, sales supervisor 55,000 Commissions, salespersons 38,000 General administrative costs 59,380 Work in process inventory, January 1 Work in process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 48,150 6,010 9,220 45,000