Exploration Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Beginning inventories $33,000 Finished goods $635,500 Estimated total manufacturing overhead at the beginning of the year 41,000 Direct labor-hours Estimated direct labor-hours at the beginning of the year Results of operations Actual direct labor-hours Direct labor hours 42,000 Manufacturing overhead: $177,000 Indirect labor cost Other manufacturing overhead costs incurred $444,000 Selling and administrative: Selling and administrative salaries $280,000 Other selling and administrative expenses $310,000 Cost of goods manufactured $1,501,000 Sales revenue $2.704.000 Cost of goods sold (unadjusted) $1,416,000