TOU Skipped this question in the previous attempt Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's Inventory balances were as follows: Raw materials Work in process Finished goods $ 63,NNO $ 22,200 $ 52,50 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.50 per direct labor-hour was based on a cost formula that estimated $460,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year. a. Raw materials were purchased on account, $618,000. b. Raw materials used in production, $569,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor. $410,000; Indirect labor. $150,000; selling and administrative salaries, $338,000. d. Incurred various selling and administrative expenses (0.g. advertising, sales travel costs, and finished goods warehousing). $382.000. e Incurred various manufacturing overhead costs (0.9. depreciation, Insurance, and utilities), $310,000. 1. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all Jobs during the year g. Jobs costing $1.372.600 to manufacture according to their job cost sheets were completed during the year. h Jobs were sold on account to customers during the year for a total of $3.202.500. The jobs cost $1,382,600 to manufacture according to their job cost sheets. Foundational 3.9 2. Is manufacturing overhead underapplied or overapplied for the year? By how much? Overapplied overhead