2. Company uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its total direct labor cost to be $54,000 and its total manufacturing overhead cost to be $91,800. Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting period which is given in second requirement. Required: 1. Calculate the predetermined overhead rate. 2. Fill in the missing values in the T-accounts. 3. Compute over- or underapplied overhead. 4. Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. 5. Prepare a brief income statement for the company Raw Materials Inventor Beginning Bal. 13200 Purchases 93700 End Bal 29800 Work In Process Inventory Beginning Bal. 28600 Direct Materials 68500 Direct Labor 40500 Applied Overhead ? Ending Balance 19400 Finished Goods Inventory Beginning Bal. Cost of Goods competed Ending Balance 41600 ? 49200 Cost of Goods Sold Unadjusted Cost of Goods Sold? Adjusted Cost of Goods Sold ? Applied Overhead Manufacturing Overhead Indirect Materials Indirect Labor Factory Depreciation Factory rent Factory utilities Other factory costs Actual overhead 8600 14400 12500 6600 1400 9300 52800 Sales Revenue 313000 Selling, General, and Administrative Expenses Admin. Salaries 26400 Office depreciation 18400 Advertising 13900 Ending Balance 58700 tes, fixes, and improvements, choose Check for Updates. Cost of Goods manufactured and sold report Direct Materials used in production Total current manufacturing costs Total work in process Cost of goods manufactured Cost of goods available for sale Unadjusted cost of goods sold Adjusted Cost of Goods Sold Income Statement