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: Beginning Balance $ 14,350 Ending Balance: $22,350 $ 27,350 $ 62,350 $ 9,350 $ 77,350 Raw materials Work in process Finished Goods 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 33,350 machine-hours and incur $256,795 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were purchased, $315,350. Raw materials were requisitioned for use in production, $307,350 ($280,650 direct and $26,700 indirect). The following employee costs were incurred: direct labor, $377,350; indirect labor, $96,350; and administrative salaries, $172,350. Selling costs, $147,350, Factory utility costs, $10,350. Depreciation for the year was $148,000 of which $131,000 is related to factory operations and $17,000 is related to selling. general, and administrative activities. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,070 machine-hours. Sales for the year totaled $1,267,000. Required: a. Prepare a schedule of cost of goods manufactured. c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the table below. Required A Required C Prepare a schedule of cost of goods manufactured. Required: a. Prepare a schedule of cost of goods manufactured. c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the table below. Required A Required C Prepare a schedule of cost of golds manufactured. Baab Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials $ 27,350 Total raw materials available 0 Total Raw materials used in production 0 Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured < Required C > 0 0 27,350 $ 27,350 Required: a. Prepare a schedule of cost of goods manufactured. c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the table below. Required A Required C Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. Baab Corporation Income Statement Selling and administrative expenses 0 0 0