Li Company produces large quantities of a standardized product. The following information is available for its production activities for January. Raw materials Beginning inventory Raw materials purchased (on credit) Direct materials used Factory overhead incurred $ 74,000 55,000 52,260 $ 21,000 Indirect materials used 285,000 Indirect labor used 172,000) Other overhead costs Indirect materials used 74,000) Total factory overhead incurred 281,260 Ending Inventory S 60,000 Factory payroll Direct labor used Factory overhead applied (140% of direct labor cost) $200,900 Total factory overhead applied 281,260 Indirect labor used 55,000 Total payroll cost (paid in cash) $255,900 Additional information about units and costs of production activities follows Units Beginning goods in process inventory Started Ending goods in process inventory Costs Beginning goods in process inventory 2,200 24,000 4,900 Direct materials Direct labor Factory overhead $2,000 3.400 4,300 $ 9,700 172,000 200,900 281,260 Status of ending goods in process inventory Materials-Percent complete Labor and overhead-Percent complete 80 % 65 % Direct materials added Direct labor added Overhead applied (140% of direct labor) Total costs $ 663,860 Ending goods in process inventory $ 90,748