Bonzo's Boards makes reasonably high-end skateboards which sell for $400 each. The production process is fairly simple and involves assembling components purchased from various suppliers. Since each skateboard only takes one hour to assemble, there is essentially no work in process inventory. Bonro's Boards has the capacity to make 2,000 skateboards per year. Costs for the skateboard components are: Deck 540.00 Trucks Wheels Bearings Bolts, etc Hardware package.net $45.00 40.00 25.00 10.00 Total 120.00 $160.00 Each board should take one hour of direct labor to assemble. Direct labor wages are $50 per hour. Other manufacturing costs on a monthly basis are: Rent $2,700.00 Insurance 500.00 Utilities 200.00 Miscellaneous 300.00 $3,700.00 Inventory balances are as follows (Bonzo's uses FIFO inventory cost flow assumption): Units 250 Decks Dollars $10,000 1/1/2020 12/31/2020 360