Raw materials, beginning Work in process, beginning. 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 $ 38,000 Raw materials purchases. $18,460 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.