The following cost data relate to the manufacturing activities of Project Limited last year: $5,500 7,500 Manufacturing overhead costs: Property taxes Utilities, factory Indirect labor Depreciation, factory Insurance, factory Total 9,000 21,000 7,000 $50,000 Other costs incurred: Purchases of direct materials $40,000 Direct labor cost $45,000 Inventories: Direct materials, January 1 Direct materials, December 31 Work in process, January 1 Work in process, December 31 $6,000 $4,500 $5,000 $4,750 The company uses a predetermined overhead rate to apply manufacturing overhead cost to production. The rate last year was $8.00 per machine-hour; a total of 6,000 machine-hours were recorded for the year. Required: a. Calculate the amount of applied overhead. (1 marks) b. Calculate the amount and specify underapplied or overapplied overhead cost for the year. (2 marks) c. Prepare a schedule of Cost of Goods Manufactured for the year. Show all items. (12 marks)