During 2017, the following transactions took place: Raw materials costing $50,000 were purchased on account. Plant assets costing $19,000 were purchased for cash. $57,000 of accounts payable were paid. Raw materials costing $53,000 were issued to the factory, of which $50,000 is considered to be direct material cost. TOTAL payroll costs for the company accrued were $20,000 of sales salaries, $15,000 of administrative salaries: 8,000 hours of factory direct labor hours paid at $8 per hour: and $12,000 of indirect factory labor. The following other factory overhead costs were incurred: Factory utilities (paid in cash) $7,000: factory depreciation $4,000: miscellaneous factory costs (incurred on account) $2,000. $80,000 of the accrued salaries and wages were paid. Other selling and administrative costs incurred (paid in cash) $36,000. 8,000 bicycles costing $104,000 were completed. 10,000 bicycles costing $113,000 were sold on account for $175,000. $145,000 of accounts receivable were collected