The following information applies to the ODonnell Company for March production. There are only two jobs (X and Y) in production in March. Purchased direct materials and indirect materials with the following summary of receiving reports: Material A $ 17,000 Material B 12,500 Indirect materials 3,500 Total $ 33,000 Issued direct materials and indirect materials with this summary of requisitions: Job X Job Y Total Material A $ 8,200 $ 16,400 $ 24,600 Material B 3,200 8,200 11,400 Subtotal $ 11,400 $ 24,600 $ 36,000 Indirect materials 39,500 Total $ 75,500 Factory labor incurred is summarized by these time tickets: Job X $ 22,400 Job Y 15,200 Indirect labor 28,500 Total $ 66,100 Factory utilities, factory depreciation, and factory insurance incurred is summarized as follows: Utilities $ 3,200 Depreciation 18,400 Insurance 2,700 Total $ 24,300 Factory overhead costs were applied to jobs at the predetermined rate of $47.00 per machine hour. Job X incurred 1,100 machine hours; Job Y used 800 machine hours. Job X was completed; Job Y was still in process at the end of March. The company closed the overapplied or underapplied overhead to the Cost of Goods Sold account at the end of March.

Required:

1. Calculate the total manufacturing cost for Job X and Job Y for March.

2. Calculate the amount of overapplied or underapplied overhead and state whether the Cost of Goods Sold account will be increased or decreased by the adjustment.