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: The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 24,000 machine-hours and incur $216,000 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were purchased, $434,000. Raw materials were requisitioned for use in production, $429,000 ($405,000 direct and $24,000 indirect). The following employee costs were incurred: direct labor, $207,000; indirect labor, $79,000; and administrative salaries, $171,000. Selling costs, $103,000. Factory utility costs, $27,000. Depreciation for the year was $106,000 of which $97,000 is related to factory operations and $9,000 is related to selling and administrative activities. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 25,000 machine-hours. Sales for the year totaled $1,147,000. Required: a. Prepare a schedule of cost of goods manufactured in good form. b. Was the overhead under-or overapplied? By how much