Company records show the following data: Beginning balances: Raw materials inventory $100,000 Work in process inventory 200,000 Finished goods inventory 300,000 Ending balances: Raw materials inventory 200,000 Work in process inventory 300,000 Finished goods inventory 400,000 Raw material purchased 1,200,000 Direct labor 600,000 Applied manufacturing overhead 300,000 Sales 4,000,000 Cost of goods sold 1,600,000 Actual manufacturing overhead 250,000 Dividends 50,000 Selling expenses 300,000 Administrative expenses 200,000