During the year, the total actual cost of inventory produced for The Wood Legacy was $$1,550,000($assume no beginning or ending inventory balances$).$ Actual manufacturing overhead was $$300,000.$ Direct materials incurred during the year were $$900,000,$ and direct labor costs were $$350,000.$ The Wood Legacy uses a normal costing system and applies overhead at a rate of $100\%$ of direct labor costs.