30) Graham Manufacturing is a small manufacturer that uses machine-hours as its activity Vasetur assigned overhead costs to jobs. The company estimated the following amounts for 2017 for the company and for Job 62: Company Job 62 Direct materials $60,000 Direct labor $25,000 $2,500 Manufacturing overhead costs $72,000 Machine hours 90,000 1,350 $4,500 During 2017, the actual machine hours totaled 95.000, and actual overhead costs were $71,000. Instructions (a) Compute the predetermined overhead rate. (b) Compute the total manufacturing costs for Job 62. (C) How much overhead is over or underapplied for the year for the company? State amount and whether it is over- or underapplied. (d) If Graham Manufacturing sells Job 62 for $14,000, compute the gross profit. For was 35) Foster Manufacturing uses a job order cost accounting system. On April 1, the company Work in Process Inventory of $7,600 and two jobs in process: Job No. 221, $3,600, and Job 222, $4,000. During April, a summary of source documents reveals the following: Materials Requisition Slips Labor Time Tickets Job No. 221 $1,200 $2,100 1,700 2,200 223 2,400 2,900 224 2,600 2,800 General use 600 400 Totals $8,500 $10,400 222 Foster applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost Job No. 221 is completed during the month