Raw materials inventory, December Raw materials inventory, January 1 $25000 45000 18000 31 Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 12000 40000 32000 Raw materials purchases 1500000 Direct labor 760000 Factory utilities 150000 Indirect labor 50000 Factory depreciation 400000 Operating expenses 420000 O $1480000. O $1570000. O $1525000.