Raw materials, beginning balance

Work in process, beginning balance

Finished Goods, beginning balance

$$,19,500$

$$,32,400$

$$,50,400$

Transactions:

$(1)$ Raw materials purchases

$(2)$ Raw materials used in production $($all direct materials$)$

$(3)$ Direct labor

$(4)$ Manufacturing overhead costs incurred

$(5)$ Manufacturing overhead applied

$(6)$ Cost of units completed and transferred from Work in Process to Finished Goods

$(7)$ Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold

$(8)$ Finished goods are sold

$$79,300$

$$77,700$

$$52,400$

$$91,500$

$$72,400$

$$190,000$

Required:

Complete the following T$-$accounts by recording the beginning balances and each of the transactions listed above.