XYZ Company recorded the following inf ormation related to their inventory ac counts for 2018: January 1, 2 018 December 31, 2018 Direct materials 37,000 50,000 38,000 Work in process 41,000 Finished goods 22,000 34,000 XYZ Company's accounting records for 2 018 provided the following information Direct materials purchased $129,000 Depreciation, factory equipment 37,000 Sales revenue 590,000 Utilities (60% for factory; 40% for of fice building) 20,000 Sales commissions Indirect materials 29,000 Depreciation, office equipment 33,000 Rent, factory building 60,000 Net income 10,000