Leak Enterprises LLC recorded the following transactions for the just completed month. The company had no beginning inventories.
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(1) Raw materials purchased for cash, $96,000
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(2) Direct materials requisitioned for use in production, $69,000
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(3) Indirect materials requisitioned for use in production, $22,000
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(4) Direct labor wages incurred and paid, $129,000
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(5) Indirect labor wages incurred and paid, $16,000
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(6) Additional manufacturing overhead costs incurred and paid, $121,000
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(7) Manufacturing overhead costs applied to jobs, $163,000
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(8) All of the jobs in process were completed.
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(9) All of the completed jobs were shipped to customers.
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(10) Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.
Use the following T-accounts to answer the following questions.
The ending balance in the Raw Materials account is closest to: