Gitano Products operates a job$-$order costing system and applies overhead cost to jobs on the basis of direct materials used in production $($not on the basis of raw materials purchased$).$ Its predetermined overhead rate was based on a cost formula that estimated $$124,600$ of manufacturing overhead for an estimated allocation base of $$89,000$ direct material dollars to be used in production. The company has provided the following data for the just completed year:

Purchase of raw materials $ $135,000$

Direct labor cost $ $85,000$

Manufacturing overhead costs:

Indirect labor $ $117,800$

Property taxes $ $8,900$

Depreciation of equipment $ $19,000$

Maintenance $ $11,000$

Insurance $ $11,500$

Rent, building $ $34,000$

Beginning Ending

Raw Materials $ $23,000$ $ $17,000$

Work in Process $ $45,000$ $ $40,000$

Finished Goods $ $72,000$ $ $58,000$

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 production as direct materials.

$4.$ Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer.

$5.$ Assume that the $$40,000$ ending balance in Work in Process includes $$8,400$ of direct materials. Given this assumption, supply the information missing below: