XYZ Company began operations during 2011 and employs a job-order costing system that applies overhead to jobs using direct labor hours as the activity level. For 2011, XYZ Company had total estimated overhead of $229,500 and total estimated direct labor hours of 25,500. Listed below is a summary of events and transactions that occurred during 2011: a. XYZ Company purchased 80,000 pounds of direct materials at $4.20 per pound. b. XYZ began work on three jobs. Direct materials used for each job were: Job A-1 .................. 17,000 pounds Job A-2 .................. 25,000 pounds Job A-3 .................. 30,000 pounds c. Direct labor hours used for each job were: Job A-1 .................. 9,800 hours Job A-2 .................. 7,800 hours Job A-3 .................. 8,400 hours Direct labor workers are paid $12 per hour. d. The following additional costs were incurred: Manufacturing Facility Administrative Facility Rent ... $ 42,000 $ 15,000 Depreciation . 55,000 12,000 Utilities . 51,000 10,000 Salaries .. 92,0001 65,000 Totals ... $ 240,000 $ 102,000 1 This $92,000 is all indirect labor. See letter (c) for direct labor for the manufacturing facility. e. Jobs A-1 and A-2 were completed during 2011. Job A-2 was sold to the customer for $420,000. 1. Calculate XYZ Company's cost of goods manufactured for 2011. Do not use decimals in your answer. 2. Calculate the amount of net income reported on XYZ Company's 2011 income statement. Do not use decimals in your