As consultants, we are hired to help the company track and report costs. The following Tableau Dashboard is provided to assist us in our analysis. Inventories Raw Materials Work in Process Finished Goods $21,000 Raw materials, November 30: $10,000 $18,00 Raw materials, December 31: $12,000 $15,000 Work in process, November 30: $15,000 $12,000 Work in process, December 31: $20,000 $9,000 $6,000 Finished goods, November 30: $7,500 1 Finished goods, December 31: $10,000 $3,000 $0 November 30 December 31 November 30 December 31 November 30 December 31 1 | Factory Overhead for December Sales, Materials, and Payroll for December Indirect materials Indirect labor Indirect materials: $5,000 Indirect labor: $7,000 Factory payroll Raw materials purchases Total Overhead $42,000 Factory payroll (paid with cash): $57,000 Raw materials purchases (paid with cash): $40,000 Other overhead costs: $30,000 Sales Sales (received in cash): $200,000 Other overhead costs Predetermined Overhead Rate Predetermined overhead rate based on direct labor cost 7096 1. Compute gross profit. (Do not consider any underapplied or overapplied overhead.) 2. Compute overapplied or underapplied overhead. 3. If overhead is underapplied, an adjusting 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.) Accounts payable 0 Compute overapplied or underapplied overhead