Exercise $15-16($Algo$)$ Manufacturing cost flows LO P$1,$ P$2,$ P$3$

Telstar uses job order costing. The T$-$accounts below summarize its production activity for the year.

Raw Materials Inventory

Debit Credit

$45,50024,750$

$8,500$

Factory Wages Payable

Debit Credit

$126,50086,250$

$40,750$

Factory Overhead

Debit Credit

$8,500103,184$

$40,750$

$61,870$

Work in Process Inventory

Debit Credit

$24,750170,820$

$86,250$

$103,184$

Finished Goods Inventory

Debit Credit

$170,820153,790$

Compute the amount for each of the following.

Direct materials used

Indirect materials used

Direct labor used

Indirect labor used

Cost of goods manufactured

Cost of goods sold $($before closing over$-$ or underapplied overhead$)$

Compute the amount that overhead is overapplied or underapplied.