Problem 3-44 Manufacturing Cost Flows; Analysis of T-Accounts (LO 3-2, 3-5) Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfecto's ledger as of December 31. Additional information: a. Accounts payable is used only for direct-material purchases. b. Underapplied overhead of $2,700 for the year has not yet been closed into cost of goods sold Required Complete the following T-accounts. Raw-Material Inventory Accounts Payable Bal. 1/1 21,100 2,600 Bal. 1/1 136,500 Bal. 12131 36,000 1,000 Bal. 12/31 Work-in-Process Inventory Finished-Goods Inventory Bal. 1/1 Direct material Direct labor Manufacturing overhead Bal. 12/31 17,000 Bal. 1/1 12,000 Bal. 12/31 20,000 19,000 Manufacturing Overhead Cost of Goods Sold 710,000 710,000 Wages Payable Sales Revenue 2,000 Bal. 1/1 147,000 5,000 Bal. 12/31 Accounts Receivable Bal. 1/1 11,200 Wages Payable Sales Revenue 2,000 Bal. 1/1 147,000 5,000 Bal. 12/31 Accounts Receivable Bal. 1/1 11,200 806,000 Bal. 12/31 15,000