E1-8 Pena Corporation incurrerd the following costs while manufacturing its product. Materials used in product $100,000.00 Depreciation on plant $60,000.00 Property taxes on store $7,500.00 Labor costs of assembly-line workers 110,000.00 Factory supplies used $23,000.00 Advertising expense $45,000.00 Property taxes on plant $14,000.00 Delivery expense $21,000.00 Sales commissions $35,000.00 Salaries paid to sales clerks $50,000.00 Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finish goods inventory was $60,000 at January 1 and $55,600 at December 31. Instructions: A- Compute cost of goods manufactured. B- Compute cost of goods sold. E2-5 Corbin Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $305,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $322,000 of overhead costs are incurred and 130,000 hours are used. Instructions: A-Compute the manufacturing overhead rate for the year. B-What is the amount of under- or overapplied overhead at December 31? C-Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold