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Part 1 Rhiner Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows Raw materials $42.000 Work in process $20.000 Finished goods $36.000 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 516 50 per direct labor hour was based on a cost formula that estimated $660,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor hours. The following transactions were recorded for the year Raw materials were purchased on account, 5520,000 Raw materials used in production $165,000 All the raw materials were used as direct materials The following costs were accrued for employee services direct labor, 5605,000 indirect tabor, 5150,000 sering and administrative salaries, 5240,000 Incurred various seling and administrative expenses (eg. advertising, sales travel costs, and finished goods warehousing). $357.000 Incurred various manufacturing overhead costs (eg.depreciation, insurance and utes). 505.000 Manufacturing overhead cost was applied to production. The company actually worked 42.000 de labor hours on all jobs during the year Jobs costing 51.685,000 to manufacture according to the job cost sheets were completed during the year Jobs were sold on account to customers during the year for a total of $2,750,000 The jobs cost 51.695.000 to manufacture according to their job cost streets Is manufacturing overhead underappled or overapplied for the year? by now much? What is the cost of goods available for sale during the year? (Show complete calculations) k What is the journal entry to record the cost of goods sold referred to above? What is the ending balance in Finished Goods? (Show T-Account) m Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? n. What is the gross margin for the year? o. What is the net operating income for the year