2. (10 pts.) Prepare a Schedule of Cost of Goods Sold for the month. Assume the under-applied overhead is closed to cost of goods sold. III. Michigan Manufacturing Co. is currently operating at 50% of its available manufacturing capacity. It uses a job order costing system with a plant-wide predetermined overhead rate based on machine hours. At the beginning of the year, the company made the following estimates: Machine hours required to support estimated production 50,000 Fixed manufacturing overhead costs $630,000 Variable manufacturing overhead cost per machine hour $3.00 Required: (10 points total) 1. (5 pts.) Compute the plant-wide predetermined overhead rate. 2. (5 pts.) During the year, Job Y was started and completed, and sold to the customer for $20,000. The following information was available with respect to this job: Direct Materials $4,300 Direct Labor $5,700 Machine Hours Used 150 Compute the total manufacturing cost assigned to Job Y-20, and determine the amount of the contribution margin