Sheridan Manufacturing Company makes specialty tools. In January, Sheridan incurs manufacturing costs of $$14,820,000$ for direct material, direct labor, and overhead. $20\%$ of the total costs represents overhead applied. The overhead rate is $$1$ for every $$2$ of direct labor costs incurred. Inventory balances were:

$\backslash$table$[[,$January $1,$January $31],[$Raw Materials,$$342,000,$$$570,000$