BLP, Inc. has provided the following data regarding March's manufacturing operations: Beginning Raw materials $10,700 Work in process $55,200 Finished goods $33,100 Direct labor $58,100 Actual manufacturing overhead costs incurred $20,000 Purchases of raw materials Actual labor hours used during the month $31,000 1,500 Predetermined overhead rate (per labor hour) $15/labor hour 1. Calculate the cost of goods sold 2. How much overhead was over- or under-applied? Ending $18,100 $66,200 $42,500