(The following information applies to the questions displayed below] LI Company produces large quantities of a standardized product. The following Information is available for its production activities for January. Factory Incurred $ 23,000 Indirect materals used Beginning Inventory Raw materlals purchased (on credit) Direct materials used Indirect labor used Other overhead costs $ 76,000 50,000 155,540 310,000 (171,000) (76,000) $ 86,000 Indirect matertals used Total factory overhead incurred $ 281,540 Ending Inventory Factory overhead applied 040% of direct labor cost) Factory payroll Direct labor used s 201100 Total factory overhead applied $ 281,540 Indirect labor used 50,000 Total payroll cost (paid in cash) $ 251,100 Additional information about units and costs of production activities follows