Question 7 (15 points) Horton has beginning inventory balances of $90,000 for raw materials inventory, $20,000 for work in process inventory, and $600,000 for finished goods inventory. During the period, Horton purchased $140,000 worth of materials and placed $170,000 worth of materials into production. Horton incurred $1,400,000 in direct labor costs and applied $1,440,000 in overhead during the period. The cost of goods completed during the period was $3,020,000 and the cost of goods sold to customers during the period was $3,100,000. Horton incurred actual overhead costs of $1,400,000 during the period. 1. What is Horton's ending balance for Material inventory? 2. What is Horton's ending balance for Work-in-Process inventory? 3. What is Horton's ending balance for Finished Good inventory? 4. Was Horton's overhead OVERAPPLIED or UNDERAPPLIED during the period? 5. What journal entry would the company record to account for overapplied or underapplied overhead