Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of the direct materials uses in production (not on the basis of raw materials). Its predetermined overhead rate was based on a cost formula that estimated $126,000 of manufacturing overhead for an estimated allocation base of $90,000 direct material dollars to be used in production. The Company has provided the following data for the just completed year:

Purchase of raw materials $138,000

Direct Labor Cost $86,000

Manufacturing Overhead Costs:

Indirect Labor $122,600

Property Taxes $8,900

depreciation of equipment $15,000

Maintenance $15,000

Insurance $10,000

Rent, building $35,000

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Beginning Raw materials $21,000 ... Ending Raw Materials $14,000

B Work in Process $48,000.... E Work in Process $37,000

B Finished Goods $74,000... E Finished Goods $62,000

Required

1. Compute the predetermined Overhead Rate for the Year. ?

2. Compute the amount of underapplied or overapplied 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 overhead in your answer?

5. Assume that the $37,000 ending balance in work process includes $8,200 of direct materials. Given this assumption, supply the information missing below:

Direct Materials ?

Direct Labor?

Manufacturing overhead?

work in process inventory?