costing system and applies overhead cost to jobs on the basis of direct materials used in base of $500,000 direct material dollars to be used in production S 510, 000 S 90,000 S170,000 $48.000 Insia ance Rent, building or cost of goods sold for the year Do not include any underapplied or overapplied overhead in your answer. 5. Assume that the $70,000 ending balance in Work in Process includes $24.000 of direct materials. Given this assumption, supply the of cost of goods n missing below Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the amount of underapplied or overapplied overhead for the year. overhead K Required 1 Required 3 > Required 1 Required 2 Required 3 Required 4 Required 5 repare a schedule of cost of goods manufactured for the year Assume all raw materials are used in production as direct terials. Gitano Products Schedule of Cost of Goods Manufactured Direct materials Total raw materials available Raw materials used in production Total manufacturing cost Cost of goods manufactured Required 2 Required 4 > Work in Process Finished Goods s20,000 80,000 150,00) 70,000 $ 260,000 400,000 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 proc 4. Compute the unadjusted cost of goods sold for the year Do not include any underapplied or overapplied over 5. Assume that the $70,000 ending balance in Work in Process includes $24,000 of direct materials. information missing below ead in your answe Given this assumption, supply t Complete this question by entering your answers in the tabs below ied overhead in your ompute the unadjusted cost of goods sold for the year. 0o not include any underapplied or overappi of