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Question: 1A company uses a job costing system and applies overhead to products on the basis of direct labor cost. Job No. 75, the only job in process on January 1, had the following costs assigned as of that date: direct materials, $40,000; direct labor, $80,000; and factory overhead, $120,000. The following selected costs were incurred during the year: Traceable to jobs: Direct materials $178,000 Direct labor 345,000 Total $523,000 Not traceable to jobs: Factory materials and supplies $ 46,000 Indirect labor 235,000 Plant maintenance 73,000 Depreciation on factory equipment 29,000 Other factory costs 76,000 Total $459,000 The company's profit plan for the year included budgeted direct labor of $320,000 and overhead of $448,000. Assuming no work-in-process on December 31, the company's overhead for the year was