Notable Aircraft Manufacturing Inc. is a manufacturing firm that manufactures model airplanes. The company adopts the job order costing system, and manufacturing overhead is applied to production at a predetermined overhead rate of 100 percent of direct labour cost. According to the company practice, any over- or under-applied overhead is closed to the cost of goods sold. For the entire year of 2020, the company manufactures and sells Job 730. Below is the financial information for year 2020:

Raw material inventory, 1 January $133,500

Purchases of raw material for 2020 1,096,500

Raw material inventory, 31 December 88,500

Direct labour cost incurred 700,000

Indirect labour cost incurred 225,000

Indirect material used 67,500

Selling and administrative expenses 403,500

Depreciation of factory building 187,500

Depreciation of factory equipment 90,000

Insurance on factory and equipment 60,000

Electricity for factory 105,000

Work in process- Job 730, 1 January 0

Work in process- Job 730, December 31 60,000

Finished goods inventory, 1 January 52,500

Finished goods inventory, 31 December 60,000

Required

1.Calculate the cost of goods manufactured for Job 730 for 2020.

2. Calculate the amount of overapplied or underapplied overhead, and the cost of goods sold for year 2020.