STUOWS Raw materials Work in process Finished goods $ 34,500 $ 35,000 544,100 The company apples overhead cost to jobs on the basis of direct labor-hours. For the current year , the company's predetermined overhead rate of $12 50 per direct labor hour was based on a cost formula that estimated $500,000 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. 5614,000 b. Raw materials used in production. $567,600. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services direct labor, 5450,000 indirect labor. $150,000, selling and administrative salaries, $290,000 dincurred various selling and administrative expenses (e. advertising, sales travel costs, and finished goods warehousing). $375,000 e incurred various manufacturing overhead costs (eg. depreciation, insurance, and utilities), $350,000 1. Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor houts on all jobs during the year Jobs costing $1,461,900 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 $3.172,500. The jobs cost $1.471.900 to manufacture according to their job cost sheets 15. What is the net operating income for the year? Norge