Cherry Company manufactures wooden end tables for college apartments. Last year, direct materials costing $250,000 were put into production. Direct labor of $150,000 was incurred, and overhead equaled $100,000. The company had operating income for the year of $300,000 and manufactured and sold 50,000 tables at a sales price of $40 per unit. Assume that there were no beginning or ending inventory balances in the work-in-process and finished goods inventory accounts.