/The following information applies to the ques LI Company produces large quantities of a standardized product The following Information is available for its production activities for January Beginning Inventory Raw materials purchased (on credit) Direct materlals used $ 76,000 50,000 155,540 $ 23,000 Indirect materlals used 310,000 (171,000) Indirect labor used Other overhead costs Indirect materials used (76,000) Total factory overhead Incurred 281,540 Ending Inventory $86,000 Factory overhead applied Factory payroll Direct labor used (140% of direct labor cost) $ 201,100Total factory overhead applied281,540 Indirect labor used 50,000 Total payroll cost (paid in cash) $251,100 Additional information about units and costs of production activities follows Units Costs