Ivanhoe Corporation incurred the following costs while manufacturing its product. Materials used in product $135,000 Depreciation on factory 64,800 Property taxes on store 8,100 Labor costs of assembly-line workers 118,800 Factory supplies used 24,840 Advertising expense 48,600 Property taxes on factory 20,520 Delivery expense 22,680 Sales commissions 37,800 Salaries paid to sales clerks 54,000 Work in process inventory was $29,160 at January 1 and $16,740 at December 31. Finished goods inventory was $70,200 at January 1 and $54,620 at December 31. (Assume all raw materials used were direct materials.)