JOB-ORDER COSTING. The Corrs Company uses normal costing to assign costs in its job-order costing system. The company began operations on December 1, 2007. The company assigns overhead to jobs using direct labor cost. Only 2 jobs were worked on during December. Job A was assigned total product costs of $60,000, of which $16,000 was for direct materials and $20,000 was for direct labor). Job A was completed during December and consisted of 1,200 units, of which 1,000 units were sold during December. Job B was assigned total product costs of $35,000 during December, of which $13.000 was for direct materials. During December, the company purchased $40,000 of total materials (direct plus indirect). Indirect materials costing $3,000 during December. Any undercover allocated overhead during December was closed totally to Cost of Goods Sold. For reporting purposes, the company uses a calendar year, so December was treated as a time period all by itself. For the year 2008, the company will continue to charge overhead to jobs using direct labor cost. The estimated direct labor cost for 2008 is $150,000, and the estimated overhead cost for 2008 is $187,500. Three jobs were worked on during 2008. The direct costs charged to these during 2008 are as follows: Job B Job C Job D Direct Materials Cost $18,000 $30,000 $20,000 Direct Labor Cost $40,000 $88,000 $32,000 Units on completed job 50 units 200 units Not finished Total materials costing $90,000 were purchased during 2008. Actual overhead cost for 2008 was $211,200. Of this amount, $7,000 was for indirect materials. Job B and Job C were completed during 2008, while Job D was not finished. Sales for 2008 included 200 units of Job A, 30 units of Job B. and 160 units of Job C. Total revenue for 2008 was $350,000. Selling and administrative expenses for 2008 were $98,000. For now, assume that any undercover allocated overhead is closed totally to Cost of Goods Sold for 2008. C. Compute the Cost of Goods Manufactured for December, 2007. Do not do a schedule. D. Now prepare a Schedule of Cost of Goods Manufactured for 2008 (that=s 2008, not 2007). Your schedule should be in good form, but you do not need a heading. E. Compute the underallocated or overallocated overhead for 2008, and tell whether it is underallocated or overallocated. F. Prepare an income statement for 2008. It should be in good form, but you do not need a heading