Atlanta Office Equipment manufactures and sells metal shelving. It began operations on January 1, 2020. Costs incurred for 2020 are as follows: Direct material used $140,000 Direct manufacturing labor costs $22,000 Variable manufacturing overhead costs $18,000 Fixed manufacturing overhead costs $12,000 Marketing costs $10,000 Administrative costs $20,000 Inventory account balances are as follows: Beginning: Jan 1, 2020 Ending: Dec 31, 2020 Direct materials $5,000 $12,000 Work in process $2,000 $10.000 Finished goods $6.000 $2,000