12) Kahanaoi Corporation is a manufacturer that uses overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year job-order costing. The company closes out any Beginning inventories: Raw materials $38,000 Work in process $16,000 Finished goods Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year $39,000 $708,000 48,000 direct labor-hours Results of operations: Raw materials purchased on account $453,000 $417,000 Raw materials (all direct) requisitioned for use in production $545,000 46,000 direct labor-hours Direct labor cost Actual direct labor-hours Manufacturing overhead: Indirect labor cost $151,000 Other manufacturing overhead costs incurred |Selling and administrative: Selling and administrative salaries Other selling and administrative expenses $449,000 $193,000 $355,000 $1,568,000 Cost of goods manufactured Sales revenue $2,489,000 $1,498,000 Cost of goods sold (unadjusted) i. What is the cost of goods available for sale during the year? j. What is the journal entry to record the unadjusted k. What is the adjusted cost of goods sold for the year? 1. What is the gross margin for the year? cost of goods sold