Inventory balances for KBD, Inc. for the most recent year appears below: Direct materials Work in process Finished goods January 1 $57,000 $72,000 $63,000 December 31 $49,000 $83,000 $57,000 KBD, Inc. reported the following costs during the most recent year: Direct materials purchased Direct labor Factory utilities Depreciation, office equipment Advertising Indirect labor Property taxes, factory building Shipping goods to customers $329,000 $245,000 $ 86,000 $ 53,000 $ 77,000 $ 41,080 $ 29,000 $ 36,000 KBD, Inc. applies overhead to products using a pre-determined overhead rate of $8 per direct labor hour and pays its direct labor workers $14 per hour. KBD, Inc.'s prime costs for the most recent year were equal to: $322,000 $351,000 $529,000 $566,000 $574,000 $582,000