Question 4 Use the following T-account template to reconstruct the Work in Progress account and calculate cost of goods manufactured using the following information. Show all the workings/calculations in your answers. (10 marks) Work in Progress Opening balance Closing balance Raw materials $15,400 $18,500 Work in progress $50,000 $43,000 Other information Materials purchased: $28,000 Direct labour cost incurred: $36,000 Overhead is applied to production at a rate of 75% of direct labour cost