Assets: Cash Raw materials Work in process Tiehen Corporation Balance Sheet April 1 Finished goods Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity: $ 11,000 $ 5,000 16,000 20,000 41,000 230,000 $ 282,000 Accounts payable Retained earnings Total liabilities and stockholders' equity Summaries of the transactions completed during April appear below: (1) Raw materials purchased on account (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs (on account) (8) Depreciation on PPE--manufacturing equipment (9) Depreciation on PPE--selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales. (14) Cost of goods sold (15) Cash payments to creditors (16) Overapplied (underapplied) overhead $ 15,500 266,500 $ 282,000 $ 67,000 $ 51,000 $ 7,500 $ 96,000 $ 26,000 $ 31,000 $ 13,000 $ 11,000 $ 2,500 $ 16,000 $ 60,000 $ 197,000 $ 289,000 $ 206,000 $ 82,000 ?