5 The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2017: Inventories: Raw materials Work in process Beginning Ending $17,000 $19,000 Finished goods 9,000 11,000 14,000 8,000 Total $37,000 $41,000 In addition, the following transactions occurred in 2017: 1. Raw materials purchased, $75,000. 2. Incurred factory labor, $80,000, all is direct labor. 3. Incurred the following overhead costs during the year: Utilities $6,800, Depreciation on manufacturing machinery $8,000, Manufacturing machinery repairs $9,200, Factory insurance $9,000. 4. Assigned $80,000 of factory labor to jobs. 5. Applied $36,000 of overhead to jobs. Instructions (a) Using the grid below, enter the beginning balances, record the above transactions, and then enter the ending balances. (b) From an analysis of the accounts, compute the following: 1. Raw materials used. 2. Completed jobs transferred to finished goods. 3. Cost of goods sold. 4. Under- or overapplied overhead. Manufacturing Costs Raw Materials Factory Inventory Labor Manufacturing Overhead Work in Finished Process Goods Inventory Inventory Cost of Goods Sold