IE Seved Help Save & Exit Submit A manufacturer uses job-order costing. On January 1, the company's Inventory balances were as follow Raw materials $50,500 Work in process $25,000 Finished goods $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate was based on a cost formula that estimated $470,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $592,000. b. Raw materials used in production, $557,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $442,000; Indirect labor, $150,000; selling and administrative salaries, $295,000. d. Incurred various selling and administrative expenses (0.9., advertising, sales travel costs, and finished goods warehousing), $381,000 e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities). $320,000 1. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during 9. Jobs costing $1,399,450 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $2,902,500. 1e jobs cost $1,409,000 to manufacture according to their job cost sheets. The company closes any over- or under-applied manufacturing overhead to cost of Goods Sold. What is the gross margin for the year? (All answers are whole numbers - unless specified otherwise. You should NOT include the $ sign or a comma. E.g. you should type 1000 for one thousand. Negative numbers should be added with a minus sign, e.g.-1000 for a decrease or loss of one thousand.) Gross margin