The following data from the just completed year are taken from the accounting records of ABC Company: Direct material used in production $440,000 Direct labor cost $280,000 MOH applied to production $360,000 Actual MOH costs $320,000 Inventories: Raw materials Work in process Finished goods Beginning $28,000 $40,000 $40,000 Ending $60,000 $20,000 $90,000 What is the cost of goods manufactured? $1,060,000 O $1,100,000 O $1,120,000 $1,050,000 The following information related to ABC Company for the year: Total estimated machine hours for the year Predetermined overhead rate Actual manufacturing everhead cost incurred during the year Actual machine hours used during the year 500.000 $3.00 per machine hour $1,540,000 520,000 What was ABC's under-or overapplied overhead for the year? $40,000 underapplied $20,000 underapplied $40,000 overapplied $20,000 overapplied