Stanford Enterprises uses job$-$order costing. Overhead is applied on the basis of direct labor hours. The following information relates to the year just ended. Data: Estimated total overhead costs $ $2,75,000$ Estimated total direct labor hours $25,000$ Actual total direct labor hours $27,760$ Actual costs for the year: Purchase of raw $($direct$)$ materials $ $3,75,000$ Direct labor cost $ $5,36,300$ Manufacturing overhead $ $3,02,750$ Inventories: Beginning Ending Raw Materials $($All Direct$)$ $ $15,000$ $ $11,375$ Work in Process $27,87522,350$ Finished Goods $34,60026,450$ Use the data to answer the following. Calculate and dispose of overapplied or underapplied manufacturing overhead. Calculate the cost of goods manufactured and cost of goods sold. Prepare an income statement for a manufacturing firm.