144.5liverton Manufacturing Company builds highly sophisticated engine parts for cars competing in stock racing and drag racing. The company uses a normal costing system that applies factory Overhead on the basis of direct labor-hours. For 2016, the company estimated that it would $256,000 in factory overhead costs and 16,000 direct labor-hours. The April 1, 2016, balance in inventory accounts follow: Materials Inventory $54,000 $21,000 Work-in-Process Inventory (912) Finished Goods Inventory (211) $108,000 Job Y12 is the only job in process on April 1, 2016. The following transactions were recorded for the month of April: a. Purchased materials on account, $180,000. b. Issued $182,000 of materials to production, $8,000 of which was for indirect materials. 144.5liverton Manufacturing Company builds highly sophisticated engine parts for cars competing in stock racing and drag racing. The company uses a normal costing system that applies factory Overhead on the basis of direct labor-hours. For 2016, the company estimated that it would $256,000 in factory overhead costs and 16,000 direct labor-hours. The April 1, 2016, balance in inventory accounts follow: Materials Inventory $54,000 $21,000 Work-in-Process Inventory (912) Finished Goods Inventory (211) $108,000 Job Y12 is the only job in process on April 1, 2016. The following transactions were recorded for the month of April: a. Purchased materials on account, $180,000. b. Issued $182,000 of materials to production, $8,000 of which was for indirect materials