Gitano Products uses job-order costing and applies overhead cost to jobs based on direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate is based on a cost formula that estimated $800,000 of manufacturing overhead for an estimated allocation base of $500,000 direct material dollars to be used in production. The company provided the following data for the just completed year:

Purchase of raw materials	$ 510,000
Direct labor cost	$ 90,000
Manufacturing overhead costs:
Indirect labor	$ 170,000
Property taxes	$ 48,000
Depreciation of equipment	$ 260,000
Maintenance	$ 95,000
Insurance	$ 7,000
Rent, building	$ 180,000

	Beginning	Ending
Raw Materials	$ 20,000	$ 80,000
Work in Process	$ 150,000	$ 70,000
Finished Goods	$ 260,000	$ 400,000

Required:

1. Compute the predetermined overhead rate.
2. Compute the amount of underapplied or overapplied overhead.
3. Prepare a schedule of cost of goods manufactured. Assume all raw materials are used in production as direct materials.
4. Compute the unadjusted cost of goods sold. Do not include any underapplied or overapplied overhead in your answer.
5. Assume the $70,000 ending balance in Work in Process includes $24,000 of direct materials. Given this assumption, supply the information missing below: