Vermont Company uses continuous processing to produce stured bears and FIFO process costing to account for its production costs. It uses FIFO because costs are quite unstable due to the volatile price of fine materlals it uses in production. The bears are processed through one department. Overhead is applied on the basis of direct labor costs, and the application rate has not changed over the period covered by the problem. The Work-in-Process Inventor account showed the tollowing balances a1 the start or the current period Direct materials Direct labdapplied Overhead applied 131 D00 260 D00 325 000 These costs were related to 52,000 units that were in process at the start of the period. During the period, 60,000 units were transterred to finished goods inventory. Of the units finished during this period, 80 percent were sold. After units have been transferred to finished goods inventory, no distinction is made between the costs to complete beginning work-in-process inventory and the costs of goods started and completed in work in process this penod The equivalent units for materials this period were 50,000 (using FIFO). Or these, 10,000 were equivalent units wth respect to materials in the ending work-in-process inventory. Materials costs incurred during the period totaled 5300,400 Conversion costs or S1,267,000 were charged this period for ending inventory consisted of 22,000 equtvalent units of conversion costs. The actual manufacturing overhead for the period was $660,000 62,500 equivalent units (using FiO) The Required Prepare T-accounts to show the flow of costs in the system. Any difference between actual and applied overhead for the period should be debited or credited to Cost of Goods Sold. (Do not round intermediate calculations.)