23 Using $2,240,000 as the cost of goods manufactured, compute the cost of goods sold using the following information. Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 40,000 31 Work in process, January 1 18,000 Work in process, December 31 12,000 Finished goods, January 1 40,000 Finished goods, December 31 32,000 Raw materials purchases 1,100,000 Direct labor 560,000 Factory utilities 150,000 Indirect labor 50,000 Factory depreciation 400,000 Operating expenses 420,000 $2,246,000. $2,208,000. $2,232,000. $2,248,000. 0.38 Question 41 0.38 pts Barnes Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead $1,500,000 cost Actual annual overhead cost $1,470,000 Estimated machine hours Actual machine hours 300,000 290,000 $1,450,000 applied and $20,000 overapplied O $1,500,000 applied and $20,000 overapplied $1,450,000 applied and $20,000 underapplied $1,470,000 applied and neither under- nor overapplied