Question 12 (25 points) Prahm, Inc. has provided the following data for August: $29,000 Raw materials, beginning balance $33,000 Work in process, beginning balance Finished Goods, beginning balance $52,000 Transactions: 1. Raw materials purchases 2. Raw materials used in production (all direct materials) 3. Direct labor $67,000 $78,000 $87,000 $64,000 $71,000 $255,000 4. Manufacturing overhead incurred 5. Manufacturing overhead applied 6. Cost of goods manufactured 7. Under or over applied overhead closed to cost of goods sold 8. Finished goods sold $294,000 Determine ending balances for the following: 1. Raw materials 2. Work in Process. 3. Finished goods. 4. Is overhead over or under applied? By how much