Set up T$-$accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts:

Raw Materials Inventory.

Work in Process Inventory.

Finished Goods Inventory.

Cost of Goods Sold.

Manufacturing Overhead.

Selling, General, and Administrative Expenses.

Sales Revenue.

Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance.

Determine the amount of over$-$ or underapplied overhead.

Compute adjusted gross profit assuming that any over$-$ or underapplied overhead balance is adjusted directly to Cost of Goods Sold.