Babvakes Viral Memes which sell for $1,000 each. The production process is fairly simple and involves tweaking components purchased from various suppliers. Since each Viral Meme only takes one hour to assemble, there is essentially no work-in-process inventory Rubus as the capacity to make 2,000 Viral Memes per year. Costs for the Viral Meme components are: Primary GIF Secondary GIF JPEGS Each meme should take one hour of direct labor to tweak Direct labor wages are $150 per hour. Other manufacturing costs on a monthly basis are: Factory Rent Factory Insurance Factory Utilities Factory Miscellaneous $1,000 5,000 200 300 Inventory balances are as follows (Ownuses the FIFO inventory cost flow assumption): Units Dollars $30,000 Primary GIFs 1/1/2020 300 12/31/2020 290