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 $2,600 for the year has not yet been closed into cost of goods sold. Required: Complete the following T-accounts. Raw-Material Inventory 21,100 Bal. 1/1 Accounts Payable 2,600 Bal. 1/1 136,500 1,000 Bal. 12/31 Bal. 12/31 36,000 Work-in-Process Inventory 17,000 Finished-Goods Inventory 12,000 Bal. 1/1 Bal. 1/1 Direct material Direct labor Manufacturing overhead Bal. 12/31 Bal. 12/ 31 2 0,000 19,000 Manufacturing Overhead Cost of Goods Sold 710,000 710,000 Sales Revenue Wages Payable 2,000 Bal. 1/1 147,000 5,000 Bal. 12/31 0 Bal. 1/1 Accounts Receivable 11,100 806,000 15,000 Bal. 12/31