The accounting records of Sheridan Manufacturing Company include the following informat Dec. 31 Jan. 1 Work...

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The accounting records of Sheridan Manufacturing Company include the following informat Dec. 31 Jan. 1 Work in process inventor 22,800 $57,000 Finished goods inventory 136,800 171,000 Direct materials used 399,000 Direct labor 182,400 Manufacturing overhead is applied at a rate of 150% of direct labor cost. The accounting records of Sheridan Manufacturing Company include the following informat Dec. 31 Jan. 1 Work in process inventor 22,800 $57,000 Finished goods inventory 136,800 171,000 Direct materials used 399,000 Direct labor 182,400 Manufacturing overhead is applied at a rate of 150% of direct labor cost.