09 ints Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $420,000 ond total machine hours at 60,000. During the first month of operations, the company worked on three Jobs and recorded the following actual direct materials cost, direct lobor cost, and machine hours for each job: Job 101 Yob 102 Job 103 Total Direct materii ad $19,200 $14,400 $9,600 $43,200 Direct labor 320,000 $11,200 $9,600 $49,600 Machine hour 1,000 hours 4,000 hours 2,000 hours 7,000 hours book Job 101 was completed and sold for $60,000, Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $45,000. Required: 1. Calculate the predetermined overhead rate, Prudermined Overhead Rato $ 2 per machine hour 2. Compute the total manufacturing overhead applied to the Work In Process Inventory account during the first month of operations. Total Applied Manufacturing Overhead 3. Compute the balance in the Work In Process Inventory account at the end of the first month. Ending Work in Process Inventory 4. How much gross profit would the company report during the first month of operations before making an adjustment for over or underapplied manufacturing overhead? Gross Profit 5-a. Determine the balance in the Manufacturing Overhead account at the end of the first month. Balance 5-b. Is it over- or underapplied? Underapplied Overapplied Prey 2 11 113