Raw materials Work in process Finished goods $ 40,000 $ 18,000 $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $510,000. b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000: selling and administrative salaries, $240,000 d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $367,000. e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities). $500,000 f. Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all jobs during the year. g. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets. 12. What is the ending balance in Finished Goods? Finished Goods Beg. bal End, bal.