Raw materials Work in process Finished goods $ 63,699 $ 22,200 $ 52,500 The company applles overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.50 per direct labor-hour was based on a cost formula that estimated $460,000 of total manufacturing overhead for an estimated activity level of 40.000 direct labor-hours. The following transactions were recorded for the year a. Raw materials were purchased on account. $618.000 b. Raw materials used in production, $569.400. All of of the raw materials were used as direct matertals. c. The following costs were accrued for employee services: direct labor. $410,000; Indirect labor. $150,000: selling and administrative salaries. $338,000. d. Incurred various selling and administrative expenses (e.g. advertising, sales travel costs, and finished goods warehousing). $382.000. e Incurred various manufacturing overhead costs (0.9.depreciation, Insurance, and utilities). $310.000. f Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all Jobs during the year 9. Jobs costing $1.372,600 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,202,500. The jobs cost $1.382.600 to manufacture according to their job cost sheets. Foundational 3-15 (Algo) 15. What is the net operating income for the year? Net operating income