1. What is the predetermined overhead rate per tin? (4 points)

2. If 200,000 tins are sold, was is the total Gross Profit? (4 points)

3. If 200,000 tins are sold, was is the total Net Income? (4 points)

4. Taylor thinks sales are understated by 50,000 tins. Create an income statement based on Taylors sales volume of 250,000 tins. Your income statement should include a heading and amounts for sales, cost of goods sold, gross profit, operating expenses, and net income. All amounts need to have the correct captions. Make sure you properly account for any over- or under-applied manufacturing overhead.