Inventory balances for KBD, Inc. for the most recent year appears below: Direct materials Work in process Finished goods January 1 $63,000 $41,000 $86,000 December 31 $78,000 $26,000 $52,000 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 $312,000 $240,000 $ 47,000 $ 74,000 $ 83,000 $ 59,000 $ 36,000 $ 22,000 KBD, Inc. applies overhead to products using a pre-determined overhead rate of 59 per direct labor hour and pays its direct labor workers $15 per hour. KBD, Inc.'s conversion costs for the most recent year were equal to: $382.000 $384,000 $404,000 $441,000 $456,000 $471.000 of the above choices are correct