The following events occurred over the course of a year at Concord Corp., which uses a job order costing system: 1. Direct materials purchases totaled $584,000. Concord Corp tracks its direct materials separately from its indirect materials. Purchases were made on account. 2. $131,000 of indirect materials were used in production. Concord uses a separate Supplies Inventory account for indirect materials. 3. $555,000 of direct materials were used in production. 4. The direct labor payroll was $791,000 (credit Wages Payable). 5. Other manufacturing overhead costs incurred during the year totaled $670,000. 6. Concord applies overhead based on a predetermined overhead rate of $22 per machine hour. The company used 50,000 machine hours during the year. 7. During the year, Concord transferred goods costing $2,410,000 into the Finished Goods Inventory account. 8. Concord sold products with a manufacturing cost of $2,398,000 to customers during the year. (b) Prepare T-accounts for the following accounts: Direct Materials Inventory, Work in Process Inventory, Manufacturing Overhead Control, and Finished Goods Inventory. Record the transactions from part (a) in the T-accounts and calculate ending account balances. Assume the following beginning account balances (Post entries in order presented in the problem): Account Balance Direct Materials Inventory $34,000 Work in Process Inventory $25,000 Finished Goods Inventory $47,000 Direct Materials Inventory Work in Process Inventory Manufacturing Overhead + Finished Goods Inventory