Inventories January 1 January 31 Materials $306,000 $277,800 Work in process 214,600 240,000 Finished goods 163,400 187,300 January 31 Direct labor $560,000 Materials purchased during January 604,000 Factory overhead incurred during January: Indirect labor 60,500 Machinery depreciation 34,000 Heat, light, and power 13,700 Supplies 8,440 Property taxes 8,000 Miscellaneous costs 16,300