B 2 The following information is available for a custom manufacturer. 3 4 Inventories 5 Raw materials, beginning $38,000 6 Work in process, beginning 12,400 7 Finished goods, beginning 8,750 8 Cost of goods manufactured 95,290 Cost of goods sold (not considering over- 9 or underapplied overhead) 83,200 10 Sales 100,000 Predetermined overhead rate based on 11 direct materials used 80% 12 Costs incurred for the period Raw materials purchases 14 Direct materials used 15 Direct labor used 16 Factory overhead (actual) Indirect materials used 18 19 20 21 Indirect labor used Other overhead costs $18,460 43,250 22,800 9,300 16,400 4,300 D E Required: 22 1. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. 24 (Use cells A4 to E11 from the given information to complete this question.) 27 Beginning 28 29 30 Ending 25 26 38 39 41 22222222222222222333333712 7 4 4 4 7 7 48 49 Raw Materials Inventory Work in Process Inventory 33 Beginning 34 35 36 37 Ending 40 Beginning 42 Ending Finished Goods Inventory 43 44 2. Compute overapplied or underapplied overhead. 45 46 (Use cells A4 to E11 from the given information to complete this question.) 47