M Module 3 20 points total) Glven: Inventory balances Raw materials Work-in-process Finished goods Beginning Ending $ 331,422 $ 321,458 $ 805,424 $ 796,876 $ 675,379 $ 710,379 Notes: The Company uses a job order costing system. The Company uses direct labor cost as a basis to allocate total overhead. All over/underapplied overhead is adjusted to Cost of Goods Sold. Total budgeted overhead for the period was $ 180,000 Total budgeted direct labor for the period was 60,000 Actual raw materials purchased was $ 68,036 $ Current period Just ended Revenue Direct labor Overhead Selling General and administrative Actual $ 937,640 $ 64,667 $ 192,178 $ 244,041 $ 202,310 4 5 7.(2 point each) Compute the following amounts. a. Direct materials used in production b. Total applied overhead 6 -7 18 19 20 21 22 23 24 25 c. Cost of Goods Manufactured d. Over/underapplied overhead e. Adjusted Cost of Goods Sold f. Gross margin 26 27 28 29 g. Net operating income ach item independently