Montauk Corporation uses job-order costing and applies overhead cost to jobs on the basis of machine-hours worked. For the just completed year, the company estimated that it would work 75,000 machine hours and incur $450,000 in factory overhead cost. The company actually worked 80,000 machine hours. The company has provided the following financial data concerning its actual operations for the year: Direct materials used Indirect materials used Direct labor used Indirect labor used Sales commissions Administrative salaries General selling expenses Factory utility costs Advertising costs Factory depreciation Selling/Admin depreciation Factory insurance Selling/Admin insurance Sales $355,000 $ 22,000 $ 76,000 $112,000 $ 91,000 $190,000 $18,000 $44,000 $175,000 $282,000 $71,000 $7,500 WIP-beginning WIP-ending Finished Goods-beginning Finished Goods-ending $3,200 $1,510,000 $25,000 $35,000 $50,000 $20,000 1...Prepare a Schedule of Cost.of.Goods Manufactured 2. Calculate the amount by which overhead is under or over-applied for the year. Is it under or over-applied? 3. Prepare an income statement in proper form for the year