Determining Manufacturing Costs Wagner Printing Inc. began printing operations on July 1. Jobs 7-01 and 7-02 were completed during the month, and all costs applicable to them were recorded on the related cost sheets, Jobs 7-03 and 7-04 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $2.740 of indirect materials and $9,700 of Indirect labor were used during the month. The cost sheets, in summary form, for the four jobs during the month are as follows: Job 7-01 Job 7.02 Direct materials 28,340 Direct materials 13,250 Direct labor 10,900 Direct labor 5.600 Factory overhead 5,995 Factory overhead 3.080 Total 45,235 Total 21.930 Job 7-03 Job 7-04 Direct materials 36,320 Direct materials 8,160 Direct labor 12,000 Direct labor 1,600 Factory overhead ? Factory overhead ? Determine each of the following for July: a. Direct and indirect materials used. Direct materials used and transferred to Work in Process 79,490 Indirect materials used and transferred to Factory Overhead 2,390 b. Direct and indirect labor used. Direct labor used and transferred to Work in Process 26,300 8,500 Indirect labor used and transferred to Factory Overhead c. Factory overhead applied (a single overhead rate is used based on direct labor cost). 14,465 $ d. Cost of completed Jobs 7-01 and 7-02. 58,700 e. Assume that in addition to indirect materials and indirect labor, factory overtiead of 34,700 was incurred during July. Determine the overapplied or underapplied overhead for July overapplied