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 $120,400 of manufacturing overhead for an estimated allocation base of $86,000 direct material dollars to be used in production, The company has provided the following data for the just completed year: Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplled or overapplled 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 overapplled overhead in your answer. 5. Assume that the $40,000 ending balance in Work in Process includes $8,100 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 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 mater 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answ 5. Assume that the $40,000 ending balance in Work in Process includes $8,100 of direct materials. Given this assumption, supply information missing below: Complete this question by entering your answess in the tabs below. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer: Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the yeat. 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 anewer 5. Assume that the $40,000 ending balance in Work in Process includes $8,100 of direct motelials, Given this assumption, supply the? information missing below: Complete this question by entering your answers in the tabs below. Assume that the $40,000 ending balance in Work in Process indudes $8,100 of direct materials, Given thls assumption, supply the information missing below
