Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfectos ledger as of December 31. Additional information: a. Accounts payable is used only for direct-material purchases. b. Underapplied overhead of $2,600 for the year has not yet been closed into cost of goods sold. Required: Complete the following T-accounts

Raw Material Inventory 21,100 Accounts Payable 2,600 Bal. 1/1 Bal. 1/1 136,500 Bal. 12/31 36,000 1,000 Bal. 12/31 Work-in-Process Inventory 17,000 Finished-Goods Inventory 12,000 Bal. 1/1 Bal. 1/1 Direct material Direct labor Bal. 12/31 20,000 Manufacturing overhead Bal. 12/31 150,000 450,000 19,000 Cost of Goods Sold Manufacturing Overhead 450,000 710,000 710,000 Sales Revenue Wages Payable 2,000 Bal. 1/1 147,000 150,000 5,000 Bal. 12/31 0 Accounts Receivable Bal. 1/1 11,000 806,000 Bal. 12/31 15,000