The following information is available for a custom manufacturer. Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods sold (not considering over- or underapplied overhead) $ 39,500 13,900 10,250 96,790 Costs incurred for the period Raw materials purchases Direct materials used Direct labor used Factory overhead (actual) Indirect materials used 84,700 Sales 101,500 Indirect labor used Predetermined overhead rate based on direct materials Other overhead costs used 80% 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. $ 19,960 46,250 24,300 10,800 17,900 5,800