Gold Nest Company uses job order costing system in which overhead is applied to jobs on the basis of direct labor cost. Estimated total direct labor cost for the year would be $200,000 and total manufacturing overhead cost would be $330,000. Inventory balance at the beginning of the year were Raw materials at $25,000, work in process at $ 10,000 and finished goods at $ 40,000. During the year, the following transactions were completed: a.) Raw materials purchased for cash , $275,000; b) Raw materials requisitioned for use in production, $ 280,000. Materials charged directly to jobs, $220,000, the remaining materials were indirect; c) Cost of the employee services were direct labor, $ 180,000; indirect labor, $72,000; sales commissions, $63,000, and administrative salaries , $90,000; d) Rent for the year was $18,000 of which $13,000 is related to factory operations and the rest to selling and administrative activities. g) Based on the job order cost sheets, goods manufactured and completed during the year cost $675,000. h) Sales for the year, $1,250,000. Cost to manufacture these goods according to their job cost sheets was $700,000. Required: 1.) Compute the total manufacturing overhead (MOH) applied to jobs for the year. Is the MOH under-applied or over-applied ? Close the balance tocost of goods sold and preapare statement of goods manufactured; 2.)make Income Statement of the year.

Kindly help me solve the required calculations; Im just on my first year.......