Almeda Products, Inc., uses a job-order costing system. During the year, the following transactions were completed: a. Raw materials were issued from the storeroom for use in production, $181,700 (80% direct and 20% indirect). b. Employee salaries and wages were accrued as follows: direct labor, $199,400; indirect labor, $83,400; and selling and administrative salaries, $88,400. c. Utility costs were incurred in the factory, $66,100. d. Advertising costs were incurred, $99,100. e. Insurance costs, $21,100 (90% related to factory operations, and 10% related to selling and administrative activities). f. Depreciation was recorded, $180,700 (85% related to factory assets, and 15% related to selling and administrative assets). g. Manufacturing overhead was applied to jobs at the rate of 175% of direct labor cost. h. Goods that cost $701,600 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. i. Sales for the year totaled $1,230,000. The total cost to manufacture these goods according to their job cost sheets was $718,100. Requirement 1: Determine the underapplied or overapplied overhead for the year. (Omit the "$" sign in your response.) Under applied overhead $ Requirement 2: Prepare an income statement for the year. (Hint: No calculations are required to determine the cost ofgoods sold before any adjustment for underapplied or overapplied overhead.) (Input all amounts as positive values. Omit the "$" sign in your response.) Almeda Products, Inc. Income Statement For the Year Ended March 31 Sales $ 1230000 Cost of goods sold $ Gross profit $ (Selling and administrative expenses:) Administrative salaries $ Depreciation expense $ Insurance expense $ Net operating income$ Advertising expenses $