Please do not give solution in image format thanku Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at thebeginning and end of the year:Raw materialsWork in processFinished Goods.• The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of theyear, the company estimated that it would work 33,850 machine-hours and incur $294,495 in manufacturing overhead cost. Thefollowing transactions were recorded for the year:.• Raw materials were purchased, $315,850.• Raw materials were requisitioned for use in production, $307,850 ($280,150 direct and $27,700 indirect).The following employee costs were incurred: direct labor, $377,850; indirect labor, $96,850; and administrative salaries.$172,850.Selling costs, $147,850.Factory utility costs, $10,850BeginningBalance$ 14,850$ 27,850$ 62,850Depreciation for the year was $178,000 of which $171,000 is related to factory operations and $7,000 is related to selling.general, and administrative activities.• Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,170 machine-hours.• Sales for the year totaled $1,315,000.Required:a. Prepare a schedule of cost of goods manufactured.b. Was the overhead underapplied or overapplied? By how much?c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold.Required A Required B Required CEndingBalance$ 22,850Complete this question by entering your answers in the table below.Direct materials:$ 9,850$ 77,850Total raw materials availablePrepare a schedule of cost of goods manufactured.Direct materials used in productionTotal Raw materials used in productionCost of goods manufacturedTotal manufacturing costs added to productionTotal manufacturing costs to account forBaab CorporationSchedule of Cost of Goods Manufactured a. Prepare a schedule of cost of goods manufactured.b. Was the overhead underapplied or overapplied? By how much?c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold.Complete this question by entering your answers in the table below.Required A Required B Required CWas the overhead underapplied or overapplied? By how much?a. Prepare a schedule of cost of goods manufactured.b. Was the overhead underapplied or overapplied? By how much?c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold.Complete this question by entering your answers the table below.Required A Required BRequired CPrepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of GoodsSold.Baab CorporationIncome StatementSelling and administrative expenses:

Name: Please do not give solution in image format thanku Baab Corporation is
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Please do not give solution in image format thanku Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at thebeginning and end of the year:Raw materialsWork in processFinished Goods.•