2 The following information is for Punta Company for July: eBook Print eferences a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job S incurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory Insurance incurred are summarized as follows: Utilities Depreciation Insurance Total $ 16,500 48,750 19,500 $ 84,750 f. Direct materials and indirect materials used are as follows: " Mc Graw Hill Material A Material B Subtotal Job S $ 32,250 14,250 37,250 Job T Total $75,000 $107,250 51,500 $46,500 $112,250 $158,750 Indirect materials Total 214,750 $373,500 g. Direct labor incurred for the two jobs and indirect labor are as follows: Job Job T Indirect labor- $ 63,000 52,500 148,000 $263,500 Total Required: 1. Calculate the total manufacturing cost for Job S and Job T for July. (Round your intermediate calculations and final answers to 2 decimal places.) 2. Calculate the amount of overapplied or underapplied overhead and state whether the Cost of Goods Sold account will be increased < Prev 2 of 4 Next >