CLASS NOTES-March 5&7 ont&Allocations PROBLEM 2 -RAW MATERIAL, WORK IN PROGRESS & FINISHED GOODS ISHED Go erson Corporation has the following beginning inventory balances: Raw Material Inventory $300,000 Work In Process Inventory $100,000 Finished Goods Inventory $400,000 During the period, Anderson purchased $1,400,000 worth of raw materials and placed st,500 000 raw materials into production. Anderson incurred $750,000 in direct labor costs and applied $900,000 overhead during the period. The cost of goods completed during the period was $3,200,000 of goods sold was $3,100,ooo. and the cost a. What is the ending balance of raw materials Inventory$ b. What is the ending balance of work in process inventory? What is the ending balance of finished goods inventory?$ c. the period were $920,000, what journal entry would d. If actual overhead costs incurred during rapplied overhead? Anderson make to account for overapplied or unde