Ivanhoe Corporation incurred the following costs while manufacturing its product. Materials used in product $107.500 Depreciation on factory 51,600 Property taxes on store 6,450 Labor costs of assembly-line workers 94,600 Factory supplies used 19,780 Advertising expense 38,700 Property taxes on factory 16340 Delivery expense 18,060 Sales commissions 30,100 Salaries paid to sales clerks 43,000 Work in process inventory was $23,220 at January 1 and $13,330 at December 31. Finished goods inventory was $55,900 at January 1 and $43,510 at December 31. (Assume all raw materials used were direct materials.)