Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost April 30 May 31 43,000 52,000 21,300 10,200 63,000 35,600 210,000 345,000 15,000 80,000 120,000 1,400,000 70%