Hudson Company uses a job-order costing system. The following transactions took place last year: a. Raw materials were requisitioned for use in production, $38,500 (70% direct and 30% indirect). b. Factory utility costs incurred, $19,210. c. Depreciation was recorded on plant and equipment, $36,300. Three-fourths of the depreciation related to factory equipment, and the remainder related to selling and administrative equipment. d. Advertising expense incurred, $47,000. e. Costs for salaries and wages were incurred as follows: Direct labor $ 46,300 Indirect labor $ 10,110 Administrative salaries $ 29,100 f. Insurance costs, $3,040 (85% related to factory operations, and 15% related to selling and administrative activities). g. Miscellaneous selling and administrative expenses incurred, $9,480. h. Manufacturing overhead was applied to production. The company applies overhead on the basis of $7.60 per machine-hour; 7,470 machine-hours were recorded for the year. i. Goods that cost $138,800 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totaled $250,700. The total cost to manufacture these goods according to their job cost sheets was $129,600. Requirement 1: Determine the underapplied or overapplied overhead for the year. (Input all amounts as positive values. Omit the "$" sign in your response.) Overhead $ Requirement 2: Prepare an income statement for the year. (Hint: No calculations are required to determine the cost of goods sold before any adjustment for underapplied or overapplied overhead.) (Input all amounts as positive values. Omit the "$" sign in your response.) Hudson Company Income Statement For the Year Ended December 31 $ Selling and administrative expenses: $ $ check my workeBook Links (3)references