12. A company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost Its predetermined overhead rate was based on a cost formula that estimated $135,000 of manufacturing overhead and an estimated allocation base of $90,000 in direct labor cost. The company has provided the following data: Beginning Ending $11,000 36,000 61,000 Raw Materials Inventory (all direct) $29,000 Work in Process Inventory Finished Goods Inventory The following actual costs were incurred during the year: Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead cost 45,000 71,000 $130,000 $100,000 $110,000 Suppose the company closes out any under- or over-applied overhead cost to Cost of Goods Sold. How much was the company' adjusted Cost of Goods Sold? a. $377,000 b. $357,000 c. $337,000 d. $363,000 e. None of the above