Curtis Inc. uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $60,040 for the year; direct labor was estimated to total $150,100. Raw Materials Inventory Work in Process Inventory Finished Goods Inventory (1/1) (12/31) $10,900 $13,300 $23,300 $ 18, 400 $34,200 $ 39,800 (8 01:15:14 The following transactions have occurred during the year. Raw materials purchases $ 115,000 Direct materials used $105,900 Direct labor $ 146,900 Indirect materials used $ 6,700 Indirect labor $ 16,200 Factory equipment depreciation $ 25, 200 Factory rent $ 19, 200 Factory utilities $ 7,900 Other factory costs $ 8,400 (a) Calculate the predetermined overhead rate. Predetermined Overhead Rate 40 % (b) Calculate cost of goods manufactured. Cost of Goods Manufactured $ 316,460 (c) Calculate the over- or underapplied overhead. (Input all amounts as positive values.) Ynderapplie - Overhead s 24,00 (d) Calculate adjusted cost of goods sold. Adjusted Cost of Goods Sold