The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials $600,000 350,000 Direct labor cost during period 120,000 Manufacturing overhead applied during period 60,000 Direct Materials Inventory, beginning 20,000 Direct Materials Inventory, ending 25,000 Work in Process Inventory, beginning 47,000 Work in Process Inventory, ending 32,000 Finished Goods Inventory, beginning 75,000 Finished Goods Inventory, ending 82,000