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 $65,000 and its total manufacturing overhead cost to be $91,000. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the predetermined overhead rate. Predetermined Overhead Rate % of Direct labor cost Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing values in the T-accounts. Raw Materials Inventory Beginning Balance 15,000 Purchases Ending Balance 95,000 30,000 Finished Goods Inventory 40,000 Beginning Balance Cost of Goods Completed Ending Balance 50,000 Work in Process Inventory Beginning Balance 30,000 Direct Materials 70,000 Direct Labor S 50,000 Applied Overhead Ending Balance 20,000 Cost of Goods Sold Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Sales Revenue Manufacturing Overhead 300,000 Indirect Materials 10,000 Applied Overhead Indirect Labor 15,000 Factory Depreciation 13,000 Factory Rent 7,000 Factory Utilities 3,000 Other Factory Costs 10,000 Actual Overhead 58,000 Selling, General, and Administrative Expenses Adm. Salaries 28,000 Office Depreciation 20,000 Advertising 15,000 Ending Balance 63,000 Required 1 Required 2 Required 3 Required 4 Required 5 Compute over- or underapplied overhead. Manufacturing Overhead Required 1 Required 2 Required 3 Required 4 Required 5 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 Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a brief income statement for the company. DOBSON MANUFACTURING COMPANY Income Statement Net Income from Operations