The following information pertains to the Dale Company:

(a) All sales were on account, with a markup equal to 28% of the sales price.
(b) The accounts payable account was used for materials purchases only.
(c) Factory overhead was applied at 150% of direct labor cost.
(d) Miscellaneous factory overhead cost totaled $60,000.
(e) Direct materials issued to production cost $80,000.
(f) Payment of accounts payable totaled $ 102,000.
(g) There was only one job in process at the end of the period, with charges to date of materials costing $10,000 and direct labor of $8,000.
(h) Collection of accounts receivable totaled $480,000.
(i) Cost of goods manufactured was $320,000.
(j) Payrolls totaling $172,000 were paid in cash.
Required:
Using T accounts, compute:
(1) Materials purchased
(2) Cost of goods sold
(3) Finished goods ending inventory
(4) Work in process ending inventory
(5) Direct labor cost
(6) Applied factory overhead
(7) Over- or under applied factory overhead
(8) Assuming the over applied or under applied overhead is relatively small, what is its disposition?

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Account Balances Beginning $80,000 20,000 15,000 7,000 11,000 45,000 Endin Finished Goods Work in Process Materials Accounts Payable Accrued Payroll Accounts Receivable 23,000 5,000 14,000 65,000