CC Cosmetics uses a normal costing system and had the following data available for 2016: Budgeted Actual Direct material costs $50,000 $40,000 Direct labor costs $80,000 $75,000 Overhead costs $120,000 $122,500 Beginning Ending Direct materials inventory $26,000 $15,000 WIP inventory $40,000 $25,000 Finished goods inventory $54,000 $31,000 CC allocates overhead costs based on direct labor costs. a. What is the amount of direct materials purchased in 2016? b. What is the overhead rate for 2016? c. What is the overhead variance (amount and whether over- or under-applied)? d. What is cost of goods manufactured for the period?