Raw Materials Inventory BB 30,000 420,000 EB 60,000 Selected accounts for Teeform, Inc. for the current year are given below BB = Beginning balance EB = Ending balance Work in Process Wages Payable Inventory 10,000 BB BB 70,000 179,000 175,000 DM 320,000 DL 110,000 OH 400,000 810,000 6,000 EB Manufacturing Overhead 385,000 Finished Goods Inventory Cost of Goods Sold BB 40,000 EB 130,000 REQUIRED: 1. What was the cost of raw materials put into production during the year? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost for the year consisted of indirect labor? 4. What was the cost of goods manufactured for the year? 5. What was the cost of goods sold for the year (before considering under- or overapplied overhead)? 6. If overhead is applied to production on a basis of direct materials cost, what rate was in effect for the current year? 7. Was manufacturing overhead under- or overapplied for the current year? By how much? 8. Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,000 of the balance is DM cost, how much is DL and how much is OH?