1. Mallet Company has only Job 844 in process on March 1 of the current year. The job has been $2,000 of direct material cost, $2,500 of direct labor cost, and $1,750 of manufacturing overhead cost. The company assigns overhead cost to jobs at a predetermined rate of 70% of direct labor cost. Any under- or overapplied overhead cost is closed to Cost of Goods Sold at the end of the month During March, the following activity and amounts were recorded by the company: Raw materials (all direct materials): Purchased during the month. Used in production. Labor Direct labor hours worked during the month. Direct labor cost incurred Indirect labor costs incurred. Beg. /m.... 8500.- Purch.... 29.500 38000 $29,500 $30,500 2,500 $26,500 End.R/M $5,500 Used 30 500 (7500) Manufactur, overhead costs incurred (total).. $18,500 Inventories Raw materials (all direct) March 31 $7,500 $14,500 Work in process, March 31 Work in process inventory contains $5,500 of direct labor cost. a The amount of direct materials cost in the March 31 work in process inventory account was BYM D/L. 5500 $5150 M/O 3850 14500 b. The cost of goods manufactured for March was P/M 30500 B/L... 26500 2000+2500+ 1750 6250.- M/O 18550 75550 Bag WIP 6250 End.wip. (14500) COGM 67300 c. The entry to dispose of the under- or overapplied overhead cost for the month would include 18500)achel $26500x707 $18550,- < applied > 1850 $50 over-applied d. The balance in the March 1 in the Raw Materials inventory was