Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its total direct labor cost to be $54,900 and its total manufacturing overhead cost to be $98,820. Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting period which is given in second requirement. Required: 1. Calculate the predetermined overhead rate. 2. Fill in the missing values in the T-accounts. 3. Compute over- or underapplied overhead. 4. Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. 5. Prepare a brief income statement for the company. Calculate the predetermined overhead rate. Predetermined Overhead Rate % of Direct Labor Cost Fill in the missing values in the T-accounts. Beginning Balance Raw Materials Inventory 14,000 94,000 29,100 Beginning Balance Direct Materials Work in Process Inventory 28,600 68,100 $ 40,100 Purchases Ending Balance Direct Labor Applied Overhead Ending Balance 18,400 Cost of Goods Sold Finished Goods Inventory 40,900 Beginning Balance Cost of Goods Completed Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold st of Goods Sold Ending Balance 48,600 Sales Revenue 314,000 Applied Overhead Indirect Materials Indirect Labor Factory Depreciation Factory Rent Factory Utilities Other Factory Costs Actual Overhead Manufacturing Overhead 10,800 13,400 12,600 6,400 1,200 9,400 53,800 Selling, General, and Administrative Expenses Adm. Salaries Office Depreciation 26,200 18,200 13,300 57,700 Advertising Ending Balance Compute over- or underapplied overhead. Manufacturing Overhead Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. DOBSON MANUFACTURING COMPANY Cost of Goods Manufactured and Sold Report Direct Materials used in Production Total Current Manufacturing Costs Total Work in Process Cost of Goods Manufactured Cost of Goods Available for Sale Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Prepare a brief income statement for the company. DOBSON MANUFACTURING COMPANY Income Statement Net Income from Operations