Taub Company manufactures backpack blowers. The firm had the following inventories. Jan 1, 2023 Dec 31, 2023 Finished goods $142,000 $ 92,000 Work in process $262,000 $426,000 Materials $114,000 $ 90,000 The following additional data pertains to operations. Material purchased $150,000 Property Taxes Factory $ 7,500 Direct labor $400,000 Utilities-Factory $15,000 Depreciation-Factory Equip $ 25,000 Insurance-Factory $ 4,500 Factory Supervisor Salaries $227,500 Selling and Admin Expense $200,000 Taub Company applies manufacturing overhead at the rate of 60 percent of direct- labor cost. Required: Compute the following amounts for the year of 2023 (show work). a. Create a Statement of Cost of Goods Manufactured in good form. b. Compute Cost of Goods Sold for 2023. c. Assume Taub Company wants to achieve a Gross Profit of 30% of Sales -- Compute the total dollar amount of Sales needed. d. Create an Income Statement in good form using the amount of sales computed in (c). e. Was overhead under or over applied and by how much? f. Show the journal entry for (e) assuming the estimate is considered to be reasonably accurate. g. Show the journal entry for (e) assuming the amount is large enough to potentially impact the decisions of users. h. Why does overhead need to be applied? Explain. i. If Taub estimated overhead for the year to be $252,000, what amount was the original estimate for direct labor cost?