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Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased), Its predetermined overhead rate was based on a cost formula that estimated $139,500 of manufacturing overhead for an estimated allocation base of $93,000 direct material dollars to be used in production. The company has provided the following data for the just completed year, $ 133,000 $ 89, eee Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building $ 124,500 $ 8,100 $ 15,000 $ 12,00 $ 11,90 $ 39, eee Raw Materials Work in Process Finished Goods Beginning Ending $ 22,000 $17,000 $ 47,00 $ 35,000 $7e,eee 5 61,000 Required: 1. Compute the predetermined overhead rate for the year Check my work Required: 1. Compute the predetermined overhead rate for the year 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year . Assume all raw materials are used in production as direct materials 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer 5 Assume that the $36,000 ending balance in Work in Process includes $8 200 of direct materials Given this assumption supply the information missing below. Complete this question by entering your answers in the tabs below. Required Required 1 Required 2 Required 3 Required Compute the predetermined overhead rate for the year, Prodatariinod overhead rato 150% Reguld Required 2 > . 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer 5. Assume that the $36,000 ending balance in Work in Process includes $8,200 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required s Compute the amount of underapplied or overapplied overhead for the year. Underapplied overhead 3,500 $ Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 47.000 Gitano Products Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory 22.000 Add: Purchases of raw materials 133.000 Total raw materials available 155,000 Less Ending raw materials inventory 17,000 Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for $ 138,000 89,000 47,000 Cost of goods manufactured - answer: 5. Assume that the $36,000 ending balance in Work in Process includes $8,200 of direct materials. Given this assumption, supply the information missing below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. Unadjusted cost of goods sold 5. Assume that the $36,000 ending balance in Work in Process includes $8,200 of direct materials. Given this assumption supply the information missing below: Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Required 5 Assume that the $36,000 ending balance in Work in Process includes $3,200 of direct materials. Given this assumption, supply the information missing below: $ 8.200 Direct materials Direct labor Manufacturing overhood Work in process inventory $ 36,000

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