2. Gulf Ltd is a manufacturing firm that uses job-order costing. The following cost data is available for the firm: Inventories Beginning Ending Raw materials $40,000 $35,000 Work in process $19,000 $21,000 Finished goods $45,000 $38,000 Additional Information Raw materials purchase $65,000 Direct Labor cost $70,000 Actual manufacturing overhead costs $42,000 Manufacturing overhead costs applied to work in process $44,000 Required: [5 Marks] a. Compute the amount of underapplied or overapplied overhead cost for the year. (1 marks) b. Prepare a schedule of Cost of Goods Manufactured for the year. (4 marks)