Management wishes to determine various unknown balances of a job order company specializing in custom$-$built industrial equipment, and has hired you for assistance: Account balances Jan$\mathrm{.}1,2004$ De$.31,2004$ Materials inventory $ $205,000$ $ $?$ Work in process inventory $68,550?$ Finished goods inventory $31,00065,000$ a Manufacturing overhead $($actual$)0247,000$ Accounts payable$-$production materials $16,00024,000$ Cost of goods sold $0769,650$ a a Before prorating the overhead adjustment Accounts payable are for production materials only. On January $1,2004,$ there were two jobs in process, as follows: Date started Job Number Direct materials Direct labor October $15,2003206$ $$14,200$ $$8,400$ December $17,2003217$ $$6,500$ $$9,000$ $$20,700$ $$17,400$ On December $31,2004,$ there was only one job in process, Job No$\mathrm{.}372.$ However, the only available information on the job was the accumulated direct labor costs of $$12,000$ and direct materials of $$21,900.$ Overhead is applied to jobs as a predetermined percentage of direct labor costs. The following additional information is available to you about events in $2004$: Payments made to suppliers in $2004$ $$342,000$ Indirect materials issued from inventory $$14,000$ Direct labor costs incurred $$140,000$ Direct materials costs transferred to Finished Goods Inventory this period $$403,800$ Current period applied overhead in ending Finished Goods Inventory, December $31,2004$ $$30,000$ Required $1.$ Cost of materials purchased. $2.$ Direct materials issued to work in process inventory. $($Hint: Consider how much was transferred out of work in process to finished goods.$)3.$ Materials Inventory account balance, December $31,2004.4.$ Overhead application rate. $5.$ Overhead applied to work in process inventory account during $2004.6.$ Over$-$ or underapplied overhead. $7.$ Cost of goods transferred to Finished Goods Inventory account during $2004.8.$ Work in process inventory account, December $31,2004.9.$ Applied overhead in ending work in process inventory account, December $31,2004.10.$ Proration of over$-$ or underapplied overhead to Work In Process Inventory account, Finished Goods Inventory account and Cost of Goods Sold account. $11.$ Balance in ending Work in Process Inventory Account, December $31,2004,$ after prorating overhead to inventory accounts and cost of goods sold account.