Calculate the production costs and prepare journal entries. Inventories January 31 (Beginning) February 29 (Ending) Raw Materials $12,000 $6,000 Work in Process (WIP) $10,000 $6,400 Finished goods $15,000 $21,300 Additional information: Raw material purchased (for cash) $ 6,000 Factory payroll (paid in cash) $10,000 Factory OH o Indirect materials (IM) $2,000 o Indirect labor (IL) 000 o Other OH $3,200 Sale (received in cash) $35,000 Predetermined OH Rate 70% (of direct labor cost) Part 1: Calculate the following costs: 1) Direct Material (DM) used 2) Direct Labor (DL) used 3) Applied OH 4) Actual OH 5) Over/under applied OH adjustment 6) Cost of goods manufactured (CofGM) 7) Cost of goods sold (COGS)