Midterm Company reported the following account balances. January 1 January 31 Raw materials inventory $5,000 $6,000 Work-in-process inventory 14,000 10,000 Finished goods inventory 6,000 8,000 The following activity occurred during the month. Raw materials costing $16,000 were purchased. Direct labor cost of $12,000 was incurred. Selling costs of $7,000 were incurred. Applied overhead of $18,000 was assigned to production. Administrative costs of $24,000 were incurred. Sales revenue totaled $90,000. Determine the cost of direct materials used for January. Determine the product cost added for January. Determine the cost of goods manufactured for January. Determine the cost of goods sold for January. Determine the operating income for January. Determine the prime cost for January. Determine the conversion cost for January