3. Use T-accounts to show the flow of costs through the system. In showing the flow, you do not need to show detailed overhead variances. Show only the over- and underapplied variances for fixed and variable overhead. Record the following transactions in the T-accounts: If an amount is zero, enter "O". (a) purchase of materials, (b) issuance of materials into production, (c) incurrence of direct labor cost, (d) application of variable overhead cost to production, (e) application of fixed overhead cost to production, (f) transfer of finished goods to finished goods inventory, (g) sale of goods, (h) closure of Direct Materials Price Variance account, (i) closure of Direct Materials Usage Variance account, (j) closure of Direct Labor Efficiency Variance account, (k) closure of Variable Overhead Control account, and (1) closure of Fixed Overhead Control account. Enter these transactions in the T-accounts in the same order that they are presented here. Materials 248,000 620,600 x Feedback Check My Work Incorrect Work in Process Feedback Check My Work Incorrect Finished Goods Feedback Check My Work Incorrect Direct Materials Price Variance Feedback Check My Work Incorrect Direct Materials Usage Variance Feedback Check My Work Incorrect Accounts Payable Feedback Check My Work Incorrect Wages Payable Feedback Check My Work Incorrect Direct Labor Rate Variance Direct Labor Efficiency Variance Feedback Check My Work Incorrect Variable Overhead Control Feedback Check My Work Incorrect Fixed Overhead Control Feedback Check My Work Incorrect Cost of Goods Sold Feedback Check My Work Incarrot Ingles Company manufactures external hard drives. At the beginning of the period, the following plans for production and costs were revealed: 25,000 Units to be produced and sold Standard cost per unit: Direct materials Direct labor Variable overhead Fixed overhead 0 A IW Total unit cost $ 25 During the year, 24,800 units were produced and sold. The following actual costs were incurred: Direct materials Direct labor Variable overhead Fixed overhead $264,368 204,352 107,310 73,904 There were no beginning or ending inventories of direct materials. The direct materials price variance was $10,168 unfavorable. In producing the 24,800 units, a total of 12,772 hours were worked, 3 percent more hours than the standard allowed for the actual output. Overhead costs are applied to production using direct labor hours