Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 Assets Cash Raw materials Work in process Finished goods Property, plant, and equipment (net) Total assets $ 10,600 $ 4,600 15,600 19,600 39,800 229,600 $280,000 Liabilities and Stockholders Equity: Accounts payable Retained earnings Total liabilities and stockholders' equity $ 15,300 264,700 $280,000 Summaries of the transactions completed during October appear below: (1) Raw materials purchased on account (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs (on account) (8) Depreciation on PP&E--manufacturing equipment (9) Depreciation on PP&E--selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales (14) Cost of goods sold (15) Cash payments to creditors (16) Overapplied (underapplied) overhead $ 66,600 50,600 $ 7,300 $ 95,600 25,600 $ 30,600 12,600 10,600 $ 2,300 $ 15,600 ? 58,800 $196,600 $281,000 $205,600 $ 81,600