Problem 4-44 Application of Overhead [LO 4-3, 4-4, 4-5] The following Information applies to the O'Donnell Company for March production. There are only two jobs (X and Y) in production in March a. Purchased direct materials and indirect materials with the following summary of receiving reports: Material A Material Indirect materials Total $ 22,500 15,250 6,250 $ 44,000 D. Issued direct materials and indirect materials with this summary of requisitions: Material A Material B Subtotal Indirect materials Total Job X $ 9,300 4,300 $ 13,680 Job Y $ 18,600 9,380 $ 27,982 Total $ 27,9ee 13,660 $ 41,500 42,25e $ 83,750 c. Factory labor incurred is summarized by these time tickets: Job X Job Y Indirect labor Total $ 24,680 16, 380 31,250 $ 72,150 d. Factory utilities, factory depreciation, and factory Insurance incurred is summarized as follows: Utilities Depreciation Insurance Total $ 4,380 20,600 3. Be $ 29,780 e. Factory overhead costs were applied to Jobs at the predetermined rate of $52.50 per machine hour. Job X incurred 1,100 machine hours: Job Yused 800 machine hours. Job X was completed: Job Y was still in process at the end of March The company closed the overapplied or underapplied overhead to the Cost of Goods Sold account at the end of March. Required: 1. Calculate the total manufacturing cost for Job X and Job Yfor March 2. Calculate the amount of overapplied or underapplied overhead and state whether the cost of Goods Sold account will be increased or decreased by the adjustment. 1. Total manufacturing costs - Job X Total manufacturing costs - Job Y 2 Cost of goods sold