Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of $20$x$1.$

Inventory Classification January $1,20$x$1$ December $31,20$x$1$

Raw material $ $60,000$ $ $70,000$

Work in process $120,000115,000$

Finished goods $150,000165,000$

During $20$x$1,$ the company purchased $$250,000$ of raw material and spent $$400,000$ on direct labor. Manufacturing overhead costs were as follows:

Indirect material $ $8,000$

Indirect labor $26,000$

Depreciation on plant and equipment $100,000$

Utilities $23,000$

Other $30,000$

Sales revenue was $$1,112,000$ for the year. Selling and administrative expenses for the year amounted to $$110,000.$ The firm$$s tax rate is $40$ percent.