Problem (10 points). You have been given the following information concerning Gliere Company's manufacturing operations for the month ending January31,20xi. (a) Balances in the inventory accounts as of 1/1/X1 were as follows: finished goods, S25,000; and direct materials, $20,000. (b) Manufacturing overhead is applied to production on the basis of direct labor cost. The company's predetermined overhead rate for 20xi is that manufacturing overhead would be 125% of direct labor cost. (c) The only job that remained incomplete as of 1/31/xi was Job 626, on which there were direct materials of$20,000 charged and S3,000 of direct labor charged. (d) Total direct materials requisitioned into production during January amounted to S160,000 Total direct labor hours worked in January were 3,000 at an hourly rate of $12 per hour. (e) Cost of goods completed during January was S250,000. (f The balance in the directmaterials inventory at the end of January is $28,000. The ending balance in finished goods inventory at the end of January is S22,000. (g) Actual manufacturing overhead incurred during the period amounted to $55,000