During 2017, cotte manufacturing expected job no. 59 to cost $3 of overhead, $5 of materials, and $2 in labor. cotte applied overhead based on direct labor cost. actual production required an overhead cost of $295000, $57 in materials used, and $22 in labor. all of the goods were completed. how much is the amount of over- or underapplied overhead?

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.