Dillon Corporation applies manufacturing overhead to jobs using a predetermined overhead rate of 75% of direct labor cost. Any under of overapplied manufacturing overhead cost is closed out to Cost of Goods Sold at the end of the month. During May, the following transactions were recorded by the company Raw materials (all direct materials) Purchased during the month ............ exist38,000 Used in production................ Labor: Direct labor-hours worked during the month ....... 3, 150 Direct labor cost incurred........... exist30,000 Manufacturing overhead cost incurred (total).......... exist24, 500 Inventories: Raw materials (all direct) May 31............... exist8,000 Work in process, May 1.............. exist9,000 Work in process, May 31............... exist12,000* *Contains exist4, 400 in direct labor cost. The Cost of Goods Manufactured for May was exist84, 500 exist95,000 exist75, 500 exist81, 500