Use the following to answer questions 16-23: OPTIONAL SET #2 (40 pts) Cost flows, income statement The following inventory information comes from the accounts of Milk Dud Industries for the month ended January 31, 2020: Raw materials, Jan. 1 Raw materials, Jan. 31 Work in process, Jan 1 Work in process, Jan 31 Finished goods, Jan 1 Finished goods, Jan 31 $ 280,000 240,000 70,000 80,000 350,000 250,000 Sales revenue for the period totaled $1,000,000. Credit purchases of raw materials equaled $200,000, while actual overhead amounted to $160,000. Direct labor of $70,000 was incurred, along with $100,000 of selling & administrative expenses. The company uses normal costing and applied overhead at the rate of 200% of direct labor cost. 16. Raw materials used in production totaled: 17. Applied overhead for the January was: 18. The journal entry to reflect the cost of goods manufactured would be: DR 19. Normal cost of goods sold is: 20. Over head was misapplied by: indicate amount and whether over or under applied 21. Cost of goods sold as per GAAP is: 22. Gross profit, as shown on the income statement prepared in accordance with GAAP is: 23. Income from operations is