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 21.200 Bal1/1 Accounts Payable 2,600 Bal. 1/1 136,500 1,000 Bal. 12/31 Bal 12/31 36,000 Finished-Goods Inventory Work-in-Process Inventory 17.000 Bal 1/1 Bal: 171 Direct material Direct labor Manufacturing overhead Bal 12/31 Bal 12/31 M 20,000 19,000 Bal 12/31 20.000 Direct material Direct labor Manufacturing overhead Bal 12/31 19,000 Manufacturing Overhead Cost of Goods Sold 710.20 Sales Revenue Wages Payable 2,000 Bal. 1/1 147,000 5,000 Bal 12/31 Bal 1/1 Accounts Receivable 11,200 806,000 15,000 Bal 12/31