Almeda Products, Inc. uses a job order costing system. Inventory balances on April 1 were raw materials, $32,000; work in process, $20,000; and finished goods , at $48,000. Additional Informations are as follows; a) Raw materials purchased $170,000. b) Raw materials issued from storeroom to production $ 180,000; 80% direct and 20% indirect. c)Direct labor $ 200,000; indirect labor $82,000; selling and administrative salaries $90,000. d) Utility cost incurred in the factory , $65,000. Advertising cost $100,000. e)Insurance expensesn$20,000;90%factory related and 10%selling and administrative related. F)Depreciation Expenses $ 180,000; 85% for factory assets and 15%for selling and administrative assets. g)Predetermined overhead rate is 175% of direct labor cost . Cost of goods manufactured was $700,000. h) Sales for the year, $1,000,000; cost of goods sold, $ 720,000. Required: 1)Compute for the under-or over-applied overhead for the year. Is it under applied or over applied? 2) Compute for the ending balance of raw materials , work in process and finished goods. 3) The company under or over applied overhead cost of goods sold . Prepare an income Statement.