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Baeb Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: - The compony applles overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would woik 33.850 mochine-hours and incur $294.495 in manufacturing overhead cast. The following tonsections were recorded for the year. - Row moterisls were purchased, $315,850 - Raw materials were requisitioned for use in production, $307,850 ( $280,150 direct and $27700 indirect). - The following employee costs were incured: direct labor, 5377,850 ; indirect labor, $96,850; and administrotive saiarie9. 5172,850 . - Selling costs, 5147,850 . - Factory utily cost5, 510.850. - Depreciation for the yeor wos $178,000 of which $171,000 is reloted to foctory operations and $7000 is related to selling. general, and odministrobve octivities. - Sanufacturing overheod wos oppled to jobs. The actual level of activity for the year was 34170 machine-hours, - Soles tor the ye or tetaled 51,315,000. Required: a Prepare a scheciue of cost of goods manufactured: by vios the ovemeod underapplied or overapplied? By how thuch? Prepare a schedule of cost of goods manufactured. Complete this question by entering your answers in the table below. Was the overhead underapplied or overapplied? By how much? Prepare an income statement for the year. The company doses any underapplied or overapplied overhead to Cost of Goods Sold

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