Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: - The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,050 mochine-hours and incur $2,34,655 in manufocturing ovethead cost. The following transactions were recorded for the year - Raw materials were purchased, $315,050 - Raw matenals were requisitioned for use in production, $307,050 (\$280,950 direct and $26,100 indirect). - The following employee costs were incurted; direct lobor, $377,050; indirect labor, $96,050; and administrative salaries, $172,050 - Selling costs, 5147,050 - Factory utily costs, $10,050 - Depreciation for the year was $130,000 of which $120,000 is related to foctory operations and $9,900 is related to selling. generab and administrative activites - Manufacturing overhead was applied to jobs, The actual level of activity for the year was 34,010 machine-hours. - Sales for the year totoled $1,255,000. Required: a. Prepare a schedule of cost of goods manufactured. b. Was the ovethead underappled or overapplied? By how much? c. Prepare an income statement for the year, The company closes any underopplied or overapplled overhead to Cost of Goods 50 id. Complete this question by entering your answers in the table below. Prepare a schedule of cost of goods manufactured. Complete this question by entering your answers in the table below. Was the overhead underapplied or overapplied? By how much? Prepare an income statement for the year, The company closes any underapplied or overapplied overhead to Cost of Goods Sold