Exercise 19-11 Computing inventory balances and over- or underapplied overhead P1 P2 P3 P4 The following information is available for a custom manufacturer. Inventories Costs incurred for the period Raw materials, beginning $ 38,000 Raw materials purchases! $18.460 Work in process, beginning 12,400 Direct materials used 43,250 Finished goods, beginning. 8.750 Direct labor used 22,800 Cost of goods manufactured 95,290 Factory overhead (actual) Cost of goods sold (not considering over-or Indirect materials used 9,300 underapplied overhead). 83.200 Indirect labor used. 16.400 Sales 100,000 Other overhead costs. 4.300 Predetermined overhead rate based on direct materials used 80% 1. Compute the ending balances of Raw Materials Inventory, Work in Process Inventory, and Finished Goods Inventory. Hint: Set up T-accounts for each of these three inventory accounts. 2. Compute overapplied or underapplied overhead.