Niles Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Beginning inventories: Raw materials $ 47,000 Work in process $ 20,000 Estimated total manufacturing overhead at the beginning of the year $ 646,250 Estimated direct labor-hours at the beginning of the year 47,000 direct labor-hours Results of operations: Raw materials purchased on account $ 538,000 Raw materials (all direct) requisitioned for use in production $ 535,000 Direct labor cost $ 699,000 Actual direct labor-hours 37,000 direct labor-hours Manufacturing overhead: Indirect labor cost $ 134,000 Other manufacturing overhead costs incurred $ 453,000 Cost of goods manufactured $ 1,568,000 How much is the ending balance in the Raw Materials inventory account
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