$21,000 $10,000 $15,000 $12,000 Inventories Raw Materials Work in Process Finished Goods 12,000 $9,000 10,000 15,000 20,000 $6,000 $3,000 7,500 10,000 50 November 30 December 31 November 30 December 31 November 30 December 31 Factory Overhead for December Sales, Materials, and Payroll for December Indirect materials Indirect labor 5,000 7,000 40,000 paid in cash Raw materials Factory payroll purchases 57,000 Paid cash Total Overhead $42,000 Other Overhead 30,000 Other overhead costs Predetermined Overhead Rate Fredetermined overhead rate based on direct labor cost 70% Sales 200,000 paid in cash 1. Compute gross profit. (Do not consider any underapplied or overapplied overhead.) 2. Compute overapplied or underapplied overhead. 3. If overhead is underapplied, a journal entry is required to do which of the following: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute gross profit. (Do not consider any underapplied or overapplied overhead.) Sales $ 200,000 Cost of goods sold 37,000 Gross profit $ 163,000 Required 1 Required 2 >