COAL Look Manufactured Spencer Company produced 200,000 cases of sports drinks during the past calendar year. Each case of 1-liter bottles sells for $36. Spencer had 2,500 cases of sports drinks in finished goods inventory at the beginning of the year At the end of the year, there were 11,500 cases of sports drinks in finished goods inventory, Spencer's accounting records provide the following information: Purchases of direct materials $2,350,000 Direct materials inventory, January 1 290,000 Direct materials inventory, December 31 112,000 Direct labor 1,100,000 Indirect labor 334,000 Depreciation, factory building 525,000 Depreciation, factory equipment 416,000 Property taxes on factory 65,000 Utties, factory 150,000 Insurance on factory 200,000 Salary, sales supervisor Commissions, salespersons 85,000 216,000 Advertising 500,000 General administration 390,000 Work-in-process inventory, January 1 450,000 Work-in-process inventory, December 31 750,000 Finished goods inventory, January 11 107,500 Finished goods inventory, December 31 458,750