Raw Material Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Sale Revenue Manufacturing Overhead Wage payable Account payable 1. The following incomplete information is provided in relation to Smith Ltd for the month of December. (i) Opening balances: Raw materials $22,000 WIP $22,500 Finished goods $72,000 (ii) Closing balances Raw material $24,000 Finished goods $45,000 (iii) Overhead is applied on the basis of $6.50 per direct labour hour. (iv) The only unfinished job at the end of December had incurred $16,500 of raw materials and $9,000 (1500 hours) of direct labour. (v) Jobs sold during the month were sold for $350,000. The cost of the goods sold during the month was $275,000. (vii) Indirect materials worth $3,500 were issued to production during December. (vii) A total of 8,250 labour hours were worked during normal working hours. Employees also worked an additional 750 hours of overtime during the month. Overtime hours are paid at a rate of 175% of the normal hourly rate. (viii) Sundry manufacturing overhead costs incurred during December were $42,000. Required: Complete the relevant T-accounts (provided on next page) to show the flow of costs through the company's manufacturing accounts