XYZ Company uses the perpetual inventory system to account for its manufacturing inventories. The following are their transactions during July 2016: July 5 Received material costing $4,000 from a supplier. The material was purchased on account. 9 Requisitioned $8,000 of material for use in the factory, consisting of $5,000 of direct material and $3,000 of indirect material. 11 Recorded the factory payroll $13, 500 of direct labor and $1, 500 of indirect labor. 17 Incurred various overhead costs totaling $20,000 (Credit Accounts Payable.) 20 Applied $22,000 of manufacturing overhead to the products being manufactured. 23 Completed product costing $18,000 and moved it to the warehouse. 26 Sold goods with a product cost of $8,000 on account for $9,000