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Exercise 3-27Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month January. January 1 January 31 Finished Goods $125,000 $117,000Work in Process $235,000 $251,000 Raw Material $134,000 $124,000The following additional data pertain to January operations.Raw Materials Purchased $191,000Direct Labor $300,000Actual Manufacturing Overhead $175,000Actual Selling and Administrative Expenses $115,000The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any over-applied or undersupplied manufacturing overhead is accumulated until the end of the year.Required: Compute the following amounts 1. The company's prime cost for January2. The total manufacturing cost for January3. The cost of goods manufactured for January4. The cost of goods sold for January5. The balance in the manufacturing overhead account on January 31. Debit or Credit?

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