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Inventories

Raw materials, beginning $$38,000$

Work in process, beginning $12,400$

Finished goods, beginning $8,750$

Cost of goods manufactured $95,290$

Cost of goods sold $83,200($not considering over$-$ or underapplied overhead$)$

Sales $100,000$

Overhead applied $80\%$ of direct material cost

Costs incurred for the period

Raw materials purchases $$18,460$

Direct materials used $43,250$

Direct labor used $22,800$

Factory overhead $($actual$)$

Indirect materials used $9,300$

Indirect labor used $16,400$

Otheroverhead costs $4,300$

Required:

$1.$ Complete the T$-$accounts for each of the three inventory accounts using the data provided in the above table.

$2.$ Compute overapplied or underapplied overhead.Required: