25 2 points Gitano Products operates a job order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). In computing a predetermined overhead rate at the beginning of the year, the company's estimates were as follows: manufacturing overhead cost, $940,500; direct materials to be used in production. $570,000. The company's inventory accounts at the beginning and end of the year were as follows: Raw Materials Work in Process Finished Goods Beginning Ending $76,500 $2,700 73,500 157,00 407,000 267,000 The following actual costs were incurred during the year: Purchase of raw materials (all direct) Direct labour cost Manufacturing overhead costs Indirect Labour Property taxes Depreciation of equipment Maintenance Insurance Rent, building $50,000 93,500 177,00 48,700 267,00 95,780 187,080 Required: 1-a. Compute the predetermined overhead rate for the year Pritamed Dynoad rate 165 1-b. Compute the amount of under- or overapplied overhead for the year. Overapped overhead a $ 138,020 2 2. Prepare a schedule of cost of goods manufactured for the year. Direct materials: 25 points GITANO PRODUCTS Schedule of Cost of Goods Manufactured Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured 0 $ $ $ 0 $ 0 3. Compute the cost of goods sold for the year (Do not include any under- or overapplied overhead in your cost of goods sold figure.) Cest of goods sold 25 2 points 3. Compute the cost of goods sold for the year. (Do not include any under- or overapplied overhead in your cost of goods sold figure.) Cost of goods sold 4. Job 215 was started and completed during the year. What price would have been charged to the customer if the job required $9,200 in direct materials and $3,400 in direct labour cost and the company priced its jobs at 20% above cost to manufacture? Price to customer 5. Direct materials made up $24,700 of the $157,000 ending work-in-process inventory balance. Compute the missing amounts. Amount Direct materials Direct labour Manufacturing overhead $ 24,700 Work-in-process inventory $ 157,000