Exercise 4-5 The following T-accounts record the operations of Concord Co.: Assume all raw materials are direct materials Raw Materials Beginning Balance 10,828 63,016 Ending Balance 13,282 Work in Process Beginning Balance Direct Material Direct Labor Overhead 19,606 50,824 75,880 Ending Balance 24,398 Finished Goods Beginning Balance 29,420 Ending Balance 17,418