of 2 Walsh Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Estimated total manufacturing overhead at the beginning of the year $638,250 Estimated direct labor-hours at the beginning of the year direct labor- 37,000 hours Results of operations: Actual direct labor-hours 34,000 direct labor-hours Manufacturing overhead: Indirect labor cost $ 148,000 Other manufacturing overhead costs incurred $ 450,000