The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2019: Beginning Ending $19,000 Inventories: Raw materials Work in process Finished goods Total 14,000 $ 17,000 9,000 11.000 $37,000 8,000 $41,000 In addition, the following transactions occurred in 2019: 1. 2. 3. Raw materials purchased on account, $75,000. Incurred factory labor, $80,000, all is direct labor. (Credit Factory Wages Payable). Incurred the following overhead costs during the year: Utilities $6,800, Depreciation on manufacturing machinery $8,000, Manufacturing machinery repairs $9,200, Factory insurance $9,000 (Credit Accounts Payable and Accumulated Depreciation). Assigned $80,000 of factory labor to jobs. Applied $36,000 of overhead to jobs. 4. 5. Reproduce the manufacturing cost and inventory accounts. Use T-accounts. (Post entries in the order of journal entries presented in the previous question.) Raw Materials Inventory Bal. 17000 73000 (1) 75000 Bal. 19000 Bal. 92000 92000 Finished Goods Inventory Bal. 11000 Manufacturing Overhead (3) 33000 (5) 36000 Work in Process Inventory Bal. 9000 Bal. 111000 (4) 80000 (5) 36000 Bal. 14000 Factory Labor (2) 11000 Bal. 122000 Cost of Goods Sold