Tiehen Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on April 1 appears below: Tiehen Corporation Balance Sheet April 1 Assets: Cash Raw materials Work in process Finished goods Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity: Accounts payable Retained earnings Total liabilities and stockholders' equity Summaries of the transactions completed during April appear below: (1) Raw materials purchased on account $ 66,500 (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) $ 7,250 (4) Direct labor paid in cash $ 50,500 $ 95,500 $ 25,500 (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs (on account) (8) Depreciation on PP&E-manufacturing equipment (9) Depreciation on PP&E-selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales $ 30,500 $ 12,500 $ 10,500 $ 2,250 $ 15,500 $ 58,500 $196,500 $279,000 $ 10,500 $ 4,500 15,500 19,500 39,500 229,500 $279,500 $ 15,250 264,250 $279,500