Raw materials purchased $ 70,000 Direct labor (20,000 hours) 180,000 Indirect labor 15,000 Equipment rent 25,000 Factory utilities 10,000 Miscellaneous factory supplies 17,000 Building depreciation 15,000 Property taxes on building 5,000 Production salaries 75,000 Administrative salaries 120,000 Miscellaneous selling and administrative costs 29,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods January 1 $ 21,000 30,000 45,000 December 31 $ 17,000 35,000 47,000