Inventories Raw materials Work in process Finished goods Beginning of End of Period period $ 45,000 $ 56,000 10,000 20,000 64,000 34,500 Cost Incurred for the period Row materials purchases $ 187,000 Factory payroll 250,000 Factory overhead (actual) Indirect materials used 7,000 Indirect labor used 57,500 Other overhead costs 117,500 Exercise 15-12 (Algo) Computing materials, labor, overhead, and cost of goods manufactured LO P1, P2, P3, P4 1. In the Raw Materials Inventory T-account. Insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 2. Compute the cost of direct labor used for the period. 3. In the Work in Process Inventory T-account, Insert amounts for beginning and ending balances along with direct materials used (from part 1). direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. 4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). 5. In the Factory Overhead T-account, insert amounts for indirect materials used, Indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead. U R Us Solve for underapplied or overall Beginning Purchases Raw Materials inventory 45.000 Beginning 187.000 7,000 indemanas Work in Process Inventory 10,000 > Beginning Derect matinals Director Owend applied Beginning Cost of goods manufactured Ending 225.000 Ending Ending 10,000 Ending Finished Goods Inventory 64.000 Beginning Cost of goods manufactured Beginning Factory Overhead Beginning Indirect materials direct labor Other read Beginning Overhead appled 7.000 57 500 Ending 64000 ooo Ending 317 500 182,000 The cost of direct labor for the period Total factory payroll Less indirect labor used Cost of direct labor used