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- Additionally in June, the company started and completed Job 456 . Employee timesheets showed that 150 direct labor hours were worked, and the job cost sheet showed the total cost of Job 456 was $12,750. - Information on the factory overhead account showed that factory overhead is applied based on direct labor cost. Actual overhead costs for the month of June are $15,000 which was spent on utilities. It is company practice to close the factory overhead account monthly and it considers any factory overhead to be immaterial. - During June, the company made payments of $20,000 towards their accounts payable. On May 31st, the balance in the accounts payable account was $5,000 and as of June 31st the balance was $3,500. - The company had an opening balance of raw materials and finished goods of $50,000. 14. What is the balance of raw materials as of June 30th ? a. $25,100 b. $56,100 c. $32,500 d. $43,850 e. None of the above. 15. What is the balance of work in process as of June 30th ? a. $12,750 b. $31,200 c. $45,000 d. $62,750 e. None of the above. 16. What is the balance of finished goods as of June 30th ? a. $12,750 b. $31,200 c. $45,000 d. $62,750 e. None of the above. 17. Is overhead over or under applied, and by how much? a. Over applied by $7,800. b. Under applied by $9,800. c. Over applied by $15,000. d. Under applied by $10,200. e. None of the above