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 Raw materials Work in process Finished Goods Beginning Balance $ 14,90 $ 27,900 $ 62,900 Ending Balance $ 22,900 $9.900 $ 77,900 . 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 33,900 machine hours and incur $298,320 in manufacturing overhead cost. The following transactions were recorded for the year Raw materials were purchased, $315,900 Raw materials were requisitioned for use in production, $307.900 ($280,100 direct and $27.800 indirect). The following employee costs were incurred direct labor, $377 900. Indirect labor, $96.900 and administrative salaries $172.900 Selling costs, $147.900 Factory utility costs, $10.900. Depreciation for the year was $191,000 of which $172,000 is related to factory operations and $9,000 is related to selling general, and administrative activities Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,180 machine-hours. Sales for the year totaled $1,320,000 Required: a Prepare a schedule of cost of goods manufactured b. Was the overhead underapplied or overapplied? By how much? Prepare an income statement for the year. The company closes any underapplied or overopplied overhead to Cost of Goods Sold Complete this question by entering your answers in the table below