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Question 22 20 pts Balcolm Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year Beginning Ending Balance Balance Raw materials $34,000 $31.000 Work in process 18,000 27.000 Finished goods 97.000 103,000 The company applies overhead to jobs using a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated that it would work 32,000 machine hours and incur $192,000 in manufacturing overhead cost. The following transactions were recorded for the year Rammaticucchesedaranno indirect materiale Allcom.mentari cam climaterica 105,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 32,000 machine-hours and incur $192,000 in manufacturing overhead cost. The following transactions were recorded for the year: . . . Raw materials were purchased $74,000. (There were no Indirect materials All raw materials are direct materials:) . The following employee costs were incurred direct labor, $105,000; Indirect labor $28,000, Selling costs, $40.000 Factory utility costs. $43.000 Depreciation for the year was $106.000 of which $97.000 is related to factory operations and $9.000 is related to selling and administrative activities. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 30,000 machine-hours Sales for the year totaled $240.000 Administrative expenses totaled $15,000. Selling and administrative salaries totaled $75,000 . Required: Prepare a schedule of cost of goods manufactured and an Income Statement. Hint: You will need to compute the predetermined overhead rate to apply manufacturing overhead REMEMBER THE THREE COMPONENTS OF MANUFACTURING COSTS BIVA - AI E3311X X, LEE - VST 12pt Paragraph MacBook Pro