Sheridan Manufacturing Company makes specialty tools. In January, Sheridan incurs manufacturing costs of $14,820,000 for direct material, direct labor, and overhead. 20% of the total costs represents overhead applied. The overhead rate is $1 for every $2 of direct labor costs incurred, Inventory balances were: At the end of January, there was $1,140 of overapplied overhead. (a) Your answer is incorrect. Determine the cost of raw materials purchased in January. Rawmaterials purchases $