Required information [The following information applies to the questions displayed be/o w.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials $ 72,500 Work in process 5 18,200 Finished goods 5 46,500 The company applies overhead cost tojobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $15.50 per direct labor-hour was based on a cost formula that estimated $620,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $628,000. b. Raw materials used in production, $598,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $570,000; indirect labor, $150,000; selling and administrative salaries, $266,000. d. incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and nished goods warehousing). $418,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $470,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct laborhours on all jobs during the year. 9. Jobs costing $1,717,900 to manufacture according to theirjob cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,225,000. Thejobs cost $1,727,900 to manufacture according to theirjob cost sheets. 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? :Zl