7. Prepare an Income Statement for March below. The company does not close the over or underapplied overhead until the end of the year, so no adjustment is needed to Cost of Goods Sold.

8. Determine the underapplied or overapplied manufacturing for March.

9. Prepare a Pie chart below showing the three product costs that were added to the jobs in March.

Glass Company makes glass orders based on the customer specifications, so the company uses job costing to track costs. The company uses direct labor hours as the cost driver for manufacturing overhead application. The company estimated the following manufacturing overhead costs for the year: $600,000 The company estimated the following usage of direct-labor hours for the year: 200,000 $108,000 Beginning Work-in-process, March 1 (Job 57) $125,000 Beginning Finished Goods, March 1 (Job 55) Labor Information for March: Direct-labor h ours: Job 57 7,000 Job 58 6,000 Job 59 4,000 Labor costs Direct-labor wages $408,000 Indirect-labor wages $30,000 Supervisory salaries $12,000 Material Information for March Raw Materials, Inventory, March 1 $21,000 $210,000 Purchase or raw material Direct materials requisitioned Job 57 Job 58 Job 59 $90,000 $75,000 $51,000 Direct materials requisitioned Job 57 Job 58 Job 59 $90,000 $75,000 $51,000 Other costs incurred in March Factory Utilities $12,000 $3,200 $2,000 $11,200 $5,000 $24,000 Sales offices Utilities Administrative offices Utilities Factory equipment repair and maintenance costs Depreciation on factory equipment Manufacturing supplies purchased and used During March the following jobs were completed and sold for the following sales price Job 57 $400,000 $250,000 Job 58 Glass Company makes glass orders based on the customer specifications, so the company uses job costing to track costs. The company uses direct labor hours as the cost driver for manufacturing overhead application. The company estimated the following manufacturing overhead costs for the year: $600,000 The company estimated the following usage of direct-labor hours for the year: 200,000 $108,000 Beginning Work-in-process, March 1 (Job 57) $125,000 Beginning Finished Goods, March 1 (Job 55) Labor Information for March: Direct-labor h ours: Job 57 7,000 Job 58 6,000 Job 59 4,000 Labor costs Direct-labor wages $408,000 Indirect-labor wages $30,000 Supervisory salaries $12,000 Material Information for March Raw Materials, Inventory, March 1 $21,000 $210,000 Purchase or raw material Direct materials requisitioned Job 57 Job 58 Job 59 $90,000 $75,000 $51,000 Direct materials requisitioned Job 57 Job 58 Job 59 $90,000 $75,000 $51,000 Other costs incurred in March Factory Utilities $12,000 $3,200 $2,000 $11,200 $5,000 $24,000 Sales offices Utilities Administrative offices Utilities Factory equipment repair and maintenance costs Depreciation on factory equipment Manufacturing supplies purchased and used During March the following jobs were completed and sold for the following sales price Job 57 $400,000 $250,000 Job 58