Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balonces were as follows at the beginning and end of the year Beginning inding Balance nalance RAM materials 514.50 $22.850 Work in proces $ 27,550 9.50 Finished Goods 562,50 577,050 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 33,850 machine-hours and incur $294.495 in manufacturing overhead cost. The following transactions were recorded for the year Raw materials were purchased, $315,850. Raw materials were requisitioned for use in production, $307850 ($280,150 direct and $27700 indirect). The following employee costs were incurred direct labor. $377,850; Indirect labor, $96,850; and administrative salaries, $172.850 . Selling costs. $147.850 Factory utility costs $10,850 Depreciation for the year was $78,000 of which $171.000 is related to factory operations and $7000 in related to soling. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34170 machine-hours. Sales for the year totaled $1,315,000 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 overapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the table below. Required Required Required Prepare a schedule of cost of goods manufactured Baah Corporation Schuule of Cost of Goods Manufactured bany closes any underapplied or overapplied over Complete this question by entering your answers in the table below. Required A Required B Required C Prepare a schedule of cost of goods manufactured. Baab Corporation Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Read Required B > a. Prepare a schedule of cost of goods manufactured b. Was the overhead underapplied or overapplied? By how much? c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Complete this question by entering your answers in the table below. Required A Required B Required Was the overhead underapplied or overapplied? By how much? Complete this question by entering your answers in the table below. Required A Required B Required 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 (Required B Fequr