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 $113,100 of manufacturing overhead for an estimated allocation base of $87.000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials Direct Inbor cost Manufacturing overhead costs Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building $ 132,000 63,000 $ 99,300 5 5,600 5 36,000 5 13,000 5 12, ee $ 36,000 Ending Raw materials Or In Process Finished Goods Beginning $24.ee $ 12,000 $ 49,900 $ 35,000 572,eee $ 56,00 Required: 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 $38,000 ending balance in Work in Process includes $8.700 of direct materials. Given this assumption, supply the information missing below Complete this question by entering your answers in the tabs below. Required Required Required Required 4 Required 5 Compute the predetermined overhead rate for the year Predelemined variadiale % Required 2 > 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 $113,100 of manufacturing overhead for an estimated allocation base of $87000 direct material dollars to be used in production. The company has provided the following data for the just completed year. $ 132,000 $ 83,000 Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building $ $ $ $ $ $ 99,300 8,600 16,eee 13, 12,000 36,000 Raw Materials Work in Process Finished Goods Beginning Ending $ 24,000 $17,000 $ 49,000 $30,000 $72,000 556,000 Required: 1. Compute the predetermined overhead rote for the year. 2. Compute the amount of underopplied or overopplied 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 $38,000 ending balance in Work in Process includes $8,700 of direct materials. Given this assumption, supply the information missing below Complete this question by entering your answers in the tabs below. Required 1 Redged 2 Required 3 Required 4 Required Compute the amount of underapplied or overapplied overhead for the year. overhead Insurance Rent, building $ 5 12, eee 36,000 Raw Materials Work in Process Finished Goods Beginning Ending $ 24,900 $ 17,000 549, 00 5 38, eee $ 72,00 $ 56,000 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 information missing below. 5. Assume that the $38,000 ending balance in Work in Process includes $8700 of direct materials. Given this assumption, supply the Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Required 5 Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. Gitano Products Schedule of Cost of Goods Manufactured Direct materials Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured 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 $113,100 of manufacturing overhead for an estimated allocation base of $87.000 direct material dollars to be used in production. The company has provided the following data for the just completed year $ 132,000 $33,00 Purchase of raw materials Direct labor cost Manufacturing overhead costs Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building 3 $ $ $ 5 $ 99, 300 8,500 16,000 13,000 12,000 36,00 Raw Materials Work in Process Finished Goods Beginning Ending $ 24, eee $ 17,00 $ 49,00 $ 38,000 $72,000 $ 56,000 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 $38.000 ending balance in Work in Process includes $8.700 of direct materials. Given this assumption, supply the information missing below. Complete this question by tering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. Unadjusted cost of goods sold