The following information is available for a custom manufacturer. Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured $ 38,000 Costs incurred for the period Raw materials purchases $ 18,460 12,400 8,750 Direct materials used Direct labor used 43,250 22,800 95,290 Factory overhead (actual) Cost of goods sold (not considering over- or underapplied overhead) Indirect materials used 9,300 Sales 83,200 100,000 Predetermined overhead rate based on direct materials used 80% Indirect labor used Other overhead costs 16,400 4,300 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. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. The following information is available for a custom manufacturer. (Click on the Graded Worksheet Tab below.) Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured $38,000 12,400 8,750 Cost of goods sold Sales 95,290 83,200 (not considering over- or underapplied overhead) 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 Other overhead 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. Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. Nothing in this area will be graded, but it will be submitted with your assignment. 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.