Raw materials Work in process Finished goods $ 72,500 $ 18, 200 $ 46,500 The company applies overhead cost to jobs on the basis of direct labor hours. For the current year, the company's predetermined overhead rate of $15.50 per direct labor-hour was based on a cost formula that estimated $620,000 of total manufacturing overhead for an estimated activity level of 40.000 direct labor-hours. The following transactions were recorded for the year a. Raw materials were purchased on account. $628,000. b. Raw materials used in production. $598,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor $570,000, Indirect labor. $150.000; selling and administrative salarles, $266,000. d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing). $418,000. e. Incurred various manufacturing overhead costs (eg, depreciation, Insurance, and utilities), $470,000, f. Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor-hours on all Jobs during the year. g. Jobs costing $1.717.900 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,225,000. The jobs cost $1.727,900 to manufacture according to their job cost sheets. 2. What is the ending balance in Raw Materials