Sovereign Millworks Company produces reproductions of antique residential moldings at a plant located in Malden, Mass. Since the company makes hundreds of products, some of which are made to order, it uses a job order costing system. On January 1^st, the start of the companys fiscal year, inventory account balances were as follows:

Raw Materials	10,000
Work in Process	4,000
Finished Goods	8,000

The company applies overhead to jobs on the basis of direct labor cost. For the fiscal year starting January 1^st, it was estimated that direct labor cost would be $88,000 and overhead costs would total $114,400.

During the year, the following transactions were completed:

Raw materials purchased on account, $160,000.

Raw materials requisitioned for use in production, $140,000. Materials costing $120,000 were charged to directly to jobs; the remaining requisitions were for indirect materials usage.

Direct and indirect labor costs were $90,000 and $60,000, respectively.

Other overhead costs, including insurance on factory assets, factory utilities and depreciation of factory assets, totaled $43,000.

Overhead was applied to production.

Goods that had cost $310,000 according to their job cost sheets were completed during the year.

Sales revenue totaled $498,000 for the year and the cost of goods sold to customers totaled $308,000.

Disposed of the balance in Factory Overhead by closing it to Cost of Goods Sold.

Fill in the following: (do not use dollar signs)

Cost of indirect materials requisitioned into production:

The amount of overhead applied to production:

Total manufacturing costs incurred in production:

The amount of under- or over-applied overhead:

Was overhead under- or over-applied? (Write "under" or "over"):

The ending balance in Raw Materials:

The ending balance in Work in Process:

The ending balance in Finished Goods:

Gross profit for the year (after disposition of overhead):