Cost of goods manufactured equals $86000 for 2022. Finished Goods Inventory is $3000 at the beginning of the year and $3500 at the end of the year. Beginning and ending Work in Process Inventory for 2022 are $4500 and $3000, respectively. What is Cost of Goods Sold for the year? $85500 $88000 $83000 $86500 A company estimated its annual overhead costs to be $1600000 and its direct labor costs to be $1000000. Actual overhead was $1500000, and actual labor costs totaled $1200000. What is the company's predetermined overhead rate based on direct labor costs (rounded to the nearest cent)? $1.60 $1.25 $1.50 O $1.33