As the Cost Accountant at Lynbrook, Inc. you recently developed a job-order costing system. Based on Lynbrook's manufacturing process it was determined that overhead costs should be applied to jobs on the basis of direct materials used in production. Its predetermined overhead rate was based on a cost formula that estimated $800,000 of manufacturing overhead for an estimated allocation base of $500,000 direct material dollars to be used in production. Your staff has provided you with the following data for the just completed year: Purchase of raw materials $400,000 Direct labor cost $200,000 Manufacturing overhead costs: Indirect labor $200,000 Property taxes $38,000 Depreciation of equipment $190,000 Maintenance $75,000 Insurance $5,000 Rent, building $150,000 Beginning Ending Raw Materials $20,000 $50,000 Work in Process $150,000 $125,000 Finished Goods $260,000 $230,000 Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 4. Determine the adjusted cost of goods sold for the year. 5. The $125,000 ending balance in Work in Process represents the following 3 jobs in process. Supply the information missing below: Direct materials Total $28,000 Job #204 14,000 Job #205 10,000 Job #206 4,000 Direct labor ? ? ? ? Manufacturing overhead ? ? ? ? Work in process inventory $125,000 52,000 27,000 46,000