Elm Company's accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31. 2019 Raw materials inventory $420,000 $350,000 Work in process inventory 400,000 275,000 Finished goods inventory 200,000 125,000 During 2020, $750,000 of raw materials were purchased, direct labor costs amounted to $560,000, and manufacturing overhead incurred was $630,000. The total raw materials available for use to assign to production during 2020 for Elm Company is O $1.100.000 O $1,025,000 $1.170,000 $875.000