Bates Manufacturing uses a job-orcier costing system, and overhead is applied on the basis of direct labor hours Althe beginning of the period, the company estimated that overhead would be $69,000 and 10 000 direct labor hours would be worked. Two projects were started and completed in the current accounting period. The following transactions were completed during the period (a) Used $10.500 of direct material on Project and $7,300 of direct material on Project (b) Labor costs for the two jobs amounted to the following Project I. $26.500 (2.250 hoursy. Project. $46,500 (6,500 hours) (c) Project I was sold during the period for $125.000 The company's gross margin for the period was: (Do not round your intermediate calculation.) Multiple Choice $26.350 $18.750 $98,650