Beginning inventory balances are as follows: Raw materials Work in process Finished goods on The following events took place during the year: Time left 0:26:16 Hide $15040 $73970 $47930 Purchases of raw materials $80076 Raw materials used as direct materials $81906 Wages of workers on the assembly line $122221 All factory overhead incurred $107272 Product completed and ready to sell $297959 Product sold to customers (stated at sales price) $479110 Cost of product sold to customers (stated at production cost) $305789 Selling expenses incurred $62230 Administrative expenses incurred $61545 Determine inventory balances at the end of the year. Raw materials: $ Work in process: $ Finished goods: $ Determine income statement values for the year. Gross profit: $