Exercise $7-28($Algo$)$ Assigning Costs to Jobs $($LO $7-1,2)$ Selected information from the Iowa Instruments accounting records for April follows: Materials InventoryDebitCreditBB $(4/1)27,200211,200176,200$ Work$-$in$-$Process InventoryDebitCreditLabor$96,600$EB $(4/30)93,200$ Finished Goods InventoryDebitCreditBB $(4/1)89,200289,800274,200$ Cost of Goods SoldDebitCredit$5,700$ Manufacturing Overhead ControlDebitCredit$79,70079,700$ Applied Manufacturing OverheadDebitCredit$96,60090,9005,700$ Additional information for April follows: The labor wage rate was $$30$ per hour. During the month, sales revenue was $$321,100,$ and selling and administrative costs were $$84,000.$ This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor$-$hours. Customer returns are discarded and not resold. Required: What was the cost of direct materials purchased in April? What was the over$-$ or underapplied manufacturing overhead for April? What was the manufacturing overhead application rate in April? What was the cost of products completed during April? What was the balance of the Work$-$in$-$Process Inventory account at the beginning of April? What was the operating profit $($or loss$)$ for April? Any over$-$ or underapplied overhead is written off to Cost of Goods Sold.