The following costs and inventory data were taken from the accounts of Wildhorse Company for 2022: (Assume all raw materials used were direct materials.) January 1, 2022 December 31, 2022 Inventories: Raw materials $ 10,400 $ 9,100 Work in process 19,500 16,900 Finished goods 20,800 15,600 Costs incurred: Raw materials purchases $ 127,400 Direct labor 54,600 Factory rent 10,400 Factory utilities 13,000 Indirect materials 7,800 Indirect labor 11,700 Operating expenses 22,100