es Calgary Injection Moulding operates a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. In computing an overhead rate for the year, the company's estimates were as follows: manufacturing overhead cost, $248,000, and machine-hours, 40,000. The company has provided the data in the following table: Raw Materials Work in Process Finished Goods Ending Beginning $21,000 $16,000 $44,000 $40,000 $68,000 $60,000 The following actual costs were incurred during the year: Purchase of raw materials (all direct) Direct labour Machine-hours Manufacturing overhead costs: $133,000 $ 80,000 42,000 $264,000 Required: 1-a. Compute the predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per MH 1-b(i) Compute the amount of underapplied or overapplied overhead for the year. 1-b(ii) How is overapplied (underapplied) overhead disposed of at year-end? Underapplied overhead would be closed directly to 2. Prepare a schedule of cost of goods manufactured for the year. Calgary Injection Molding Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing cost Cost of goods manufactured 3. Compute the cost of goods sold for the year. (Do not include any underapplied or overapplied overhead in your cost of goods sold figure.) Cost of goods sold 4. Job 137 was started and completed during the year. What price would have been charged to the customer if the job required $3,200 in materials, $4,200 in direct labour cost, and required 350 machine-hours to complete? Assume the company prices its jobs at 40% above the job's cost according to the accounting system. Price to customer 5. Direct labour made up $8,000 of the $40,000 ending Work in Process inventory balance. A total of 2,050 machine-hours had been applied to the incomplete units of product included in Work in Process inventory at year-end. Supply the information missing below: Direct materials Direct labour Manufacturing overhead 8,000 Work in process inventory $ 40,000