The following data has been taken from the accounting records of We Make It Corporation for the month of January. Raw materials inventory, January 1. $120 Cost of goods sold. . $1800 Work in process, January 1.. 140 Direct labor... 620 Finished goods inventory, January 1..... 240 Direct materials used.. 800 Actual manufacturing overhead. 400 Purchase of raw materials. .700 Applied manufacturing overhead 440 Sales... 2,700 Administrative expenses. . 360 Selling expenses.. 280 Cost of goods manufactured... .1900 (No indirect materials were used) O------ 1. Calculate the January 31 ending balance in the raw materials inventory account. 2. Calculate the January 31 ending balance in the work in process inventory account. 3. Calculate the January 31 ending balance in the finished goods inventory account. 4. What is the amount of Cost of Goods Sold after adjusting for over- or under-applied manufacturing overhead. 5. Prepare a traditional income statement for the month ending January 31