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Stanford Enterprises uses job - order costing. Overhead is applied on the basis of direct labor hours. The following information relates to the year just

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.
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