Selected data concerning the past year's operations of the Akron Corporation are as follows: The cost of direct materials purchased is:__________ Selling and administrative expenses $225,000 Direct materials used 467,500 Direct labor (50,000 hours) 450,000 Factory overhead application rate 8 per DLH Inventories Beginning Ending Direct material $75,000 $67,500 Work in process 112,500 135,000 Finished goods 60,000 37,500