Samantha Bolton joined Cooper Brothers inc. as controller in October 2019 (i) (Click the icon for additional information about Cooper Brothers Inc) Bolton is eager to impress her new employer, and she knows that in 2020, Cooper Brothers' upper management is under pressure to show a profit in a challenging competitive environment because they are hoping to be acquired by a large private equity firm sometime in 2021 Requirement 1. Calculate the amount of under- or overallocated manufacturing overhead. Manufacturing overhead is Requirement 2a. Calculate Cooper Brothers' net operating income under the following: Under-or overallocated manufacturing overhead is If the under- or overallocated manufacturing overhead is written off to cost of goods sold, Cooper's net income (loss) would be More info Cooper Brothers manufactures and installs custom kitchen countertops. The company uses a normal-costing system with two direct-cost pools, direct materials and direct manufacturing labor, and one indirect-cost pool, manufacturing overhead. In 2019, manufacturing overhead was allocated to jobs at 150% of direct manufacturing labor cost. At the end of 2019, an immaterial amount of underallocated overhead was closed out to cost of goods sold, and the company showed a small loss. At the end of 2019, Bolton decides to adjust the manufacturing overhead rate to 170% of direct labor cost. She explains to the company president that, because overhead was underallocated in 2019, this adjustment is necessary. Cost information for 2020 follows: ieit (Click the icon to view the cost information for 2020 .) Cooper Brothers' revenue for 2020 was $4,923,000, and the company's selling and administrative expenses were $2,026,000. Read the requirements. is written off to cost of goods sold. (Use parentheses or a minus sign for a net operating loss) Data table