Computation of Ending Inventories and Allocation of Under-or Overapplied Overhead The Golden Company uses a normal job order costing system. The following transactions relate to an accounting period:

a. Beginning inventory of raw materials, \(\$ 50,000\).

b. Raw material purchases, \(\$ 90,000\).

c. Direct labor costs, \(\$ 60,000\).

d. Actual overhead costs, \(\$ 48,000\).

e. Overhead applied to production at \(\$ 2.00\) per direct labor hour. Direct labor hours for the period were 25,000 .

f. Ending inventory of raw materials was \(\$ 40,000\). (None of the raw materials were used for indirect materials.)

g. Beginning inventory of work-in-process, \(\$ 50,000\).

h. Production orders that cost \(\$ 120,000\) were completed and sold for \(\$ 200,000\).

{Required:}

Determine the adjusted balances of the various inventory accounts (Direct materials, work-in-process, finished goods). Allocate the under- or overapplied overhead to work-in-process, finished goods, and cost of goods sold on the basis of their ending balances.