Question 3 (Marks 6) The following information is available for Molly of Maple Company at December 31, 2022: Inventory Balance Beginning of Year End of Year Finished Goods $ 25,000 $ 26,000 Work in Process. 158,000 153,000 Direct Materials 16,000 14,500 During the year, the following information was recorded: 1. Purchased $56,500 of raw materials, of which $7,000 were indirect materials. 2. Wage expenses equalled $100,250, of which $75,000 was direct labour, and $16,000 was indirect labour. The remainder was sales and administration. 3 Manufacturing overhead equaled $160,000, in addition to the overhead costs associated with raw materials and wages. 4. Manufacturing overhead applied equaled $180,000. Instructions a) Prepare a cost of goods manufactured schedule for 2022. b) Calculate the over- or under-applied manufacturing overhead for the year