1. Biltz Company uses a predetermined manufacturing overhead rate based on direct labor hours to allocate (apply) manufacturing overhead costs to jobs. During the year, the company actually incurred total manufacturing overhead costs of $582,000 and 135,000 direct labor hours were worked. The company originally estimated that it would incur $525,000 of manufacturing overhead during the year and that 150,000 direct labor hours would be worked. How much was manufacturing overhead over-allocated (over-applied) or under-allocated (under-applied) for the year? 2. The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company: Work-in-process (WIP) inventory $0 Raw materials inventory $28,000 Finished goods inventory $40,000 1) Actual manufacturing overhead for January amounted to $62,000. 2) Total direct labor cost for January was $63,000. 3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs. 4) The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200 (800 direct labor hours) and total direct material charges were $14,000.5) Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January. 6) January 31 balance in raw materials inventory was $35,000. 7) Finished goods inventory balance on January 31 was $34,500. What is the cost of goods manufactured for January? Show your work for full credit.