The accounting records of the Idaho Paper Company include the following information relating to the current year: Dec. 31 Jan. 1 Materials inventory $ 20,000 $25,000 Work in process inventory 37,500 40,000 Finished goods inventory, Jan. 1 (10,000 units \$21 per unit) ? 210,000 Purchases of direct materials during year 330,000 Direct labor costs assigned to production 375,000 Manufacturing overhead 637,500 The company manufactures a single product; during the current year, 45,000 units were manufactured and 40,000 units were sold