Mead, a manufacturer of school supplies, had the following beginning and ending inventories for their most popular product, the Trapper Keeper notebook, for the year ended December 31, 1985: January 1 December 31 Raw Materials Inventory $10,000 $3,413 Work in Process Inventory $18,777 $17,000 Finished Goods Inventory $21,000 $16,500 In addition, direct labor costs of $30,000 were incurred. Manufacturing overhead totaled $42,000 (inclusive of indirect materials), materials purchased were $27,000, and selling and administrative costs were $22,000. Mead sold 25,000 units of the Trapper Keeper notebook during the year at a sales price of $5.00 per notebook. Raw Materials Inventory includes both indirect and direct