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Question 1: Armidale Manufacturing Company's books show the following balances as of December 31, 2020. Materials inventory Work in process inventory Finished goods inventory Manufacturing overhead under-allocated by Cost of goods sold $15,000 $36,200 $50,100 $3,500 $74,500 Additional information for the year 2020 is as follows: Cost of materials purchased during 2020 Cost of direct materials requisitioned during 2020 Cost of indirect materials requisitioned during 2020 Cost of goods manufactured during 2020 Manufacturing overhead allocated (120% of direct labor) $41,000 $ 47,000 $ 8,000 $105,000 $51,000 Work out the following giving all your calculations: a) January 1, 2020, materials inventory b) January 1, 2020, work in process inventory c) January 1, 2020, finished goods inventory