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Maraman Company's accounting records reflect the following inventories:

  1. Maraman Company's accounting records reflect the following inventories:

  2.                                             Jan. 1.2021     Dec. 31, 2021 

  3. Raw materials inventory    $341,417         $150,285

  4. Work in process inventory     261,658        275,783

  5. Finished goods inventory       250,025          290,351 

  6. During 2021, $785,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000. 

  7. The total raw materials used for production during 2021 was

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