Question 48 16 pts Jones Company uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of 2019. Jones estimated the overhead for the year would be $680,000 and that production would use 80,000 machine hours. The following information relates to the month of January: Job A Job B Job C $8,000 $11,000 Work in process, January 1 Direct materials cost $0 $12,000 $18,000 $1,900 $21,000 $29,000 $6,000 Direct labor costs Actual direct labor hours 1,700 2,400 550 Actual machine hours 1,400 2,000 200 Also known: Raw materials beginning inventory was $4,500. Purchases of raw materials for January are $35,000 Job C was started on 1/25; Job A and B were finished on 1/29; Job A sold on 1/31. Finished goods beginning inventory on 1/1 was $32,000. Actual overhead for January was $31,000. cals beginning inventory was $4.500. Purchases of raw materials for January are $35.000 Job C was started on 1/25; Job A and B were finished on 1/29: Job A sold on 1/31 Finished goods beginning inventory on 1/1 was $32,000. Actual overhead for January was $31,000. Please answer the following questions: 1. What is the predetermined overhead rate? 2. Was overhead over applied or under applied in January? 3. By what amount was overhead over or under applied? 4. What is the cost of goods manufactured for January? 5. What is the cost of goods sold for January? 6. What are prime costs for January? 7. What is the ending work in process balance on January 31? 8. What is the ending finished goods inventory balance on January 31