5. Maggie Manufacturing Company applies manufacturing overhead to jobs using a predetermined overhead rate of 75% of direct labor cost. Any underapplied or overapplied overhead is closed to Cost of Goods Sold at the end of the month. During August, the following transactions were recorded by the company: $30,000 $34,000 Raw materials (all direct materials); Purchased during the month. Used in production. Labor Direct labor-hours worked during the month Direct labor costs incurred. Indirect labor costs incurred. Manufacturing overhead costs incurred (total). Inventories: Raw materials (all direct) August 31 Work in process, August 1. Work in process. August 31. 4,000 $32,000 $8.000 $22,000 $10,000 $8,400 $16.000 Required: Determine the following: a. The August 1 balance of Raw Materials. b. The amount of manufacturing overhead applied to jobs in August. c. The Cost of Goods Manufactured for August. d. The overapplied or underapplied manufacturing overhead for the month. Label this amount appropriately