Chapter 3 Wong Singh 8t Campbell Inc. produces a wide range of specialized chemical products. The direct material. compound a! 1.2112. used in the production of all their products is highly sensitive and must be used in the exact in quantity and be of the highest quality. If there are defects in the product due to the slightest defect in the direct materials or rnis measurement of the quantity of direct materials, the entire job must be scrapped. Therefore, most of the manufacturing overhead incurred is to inspect the quantityI and dualityl of the direct materials before they are inputted into the manufacturing process. As a result, the company applies manufacturing overhead on the basis of the dollar value of direct materials used :not on the basis of raw materials purchased}. To compute the predetermined manufacturing overhead rate the company has estimated the following: Manufacturing overhead 3650.000 { consists mainly of quality control inspection of direct materials before they are inputted to the production proess] Dollar value of direct materials to be used in production SSUDJDDD The company's inventory accounts at the start of the year are as follows: Beginning m Raw materials {alldirect} Work in process Finished goods 260.000 The following ACTUAL costs were incurred during the year: Purchases of raw materials { all direct} Direct labour cost Manufacturing Overhead - Indirect labour { dualityl inspectors] - Property taxes factory in Depreciation of factory equipment a Maintenance of factory 0 Insurance for factory - Factory rent Depreciationr delivery trucks Sales salaries won}: IN PMCES ENDING Direct materials Direct labour Manufacturing overhead [applied] Total WIP $15.0,on Prepare a schedule of cost of goods sold for the year I Use the actual manufacturing overhead to complete your answer. In other words, do not include the over or under applied overhead in your cost of goods sold figure]