Ivanhoe Style, a division of Sanibel Inc., manufactures three models of boat seat components that are sold to speed boat manufacturers, retailers, and catalog outlets. Since beginning operations in 1983, Ivanhoe has used normal absorption costing and has assumed a first-in, first-out cost flow in its perpetual inventory system. The balances of the inventory accounts at the end of Ivanhoe's fiscal year, April 30, 2025, are shown below. The inventories are stated at cost before any year-end adjustments. Finished goods $264,200 Work in process 87,200 Raw materials 312,900 Factory supplies 45,200 The following information relates to Ivanhoe's inventory and operations: 1. The finished goods inventory consists of the items analyzed below. Cost Market Seat cushion Standard model $36.900 $49,300 Deluxe model 50,900 79,100 Limited model 46,900 85,100 Total seat cushions 134,700 213,500 Arm rests Standard model 37,400 29,800 Deluxe model 30,200 34,700 Total arm rests 67,600 64,500 Lumbar support Standard model 42,700 67,000 Deluxe model 19,200 36,400 Total lumbar supports 61,900 103,400 Total finished goods $264,200 $381,400