Instructions: Write the correct answer to the problem on the line for all the following problems. (10 Points) 1. Legend Guitar's Direct Materials Inventory, January 1, 2016 $ 20,000 60,000 30,000 10,000 5,000 40,000 Work in Process Inventory, December 31, 2016 10,000 Direct Materials Purchased Direct Materials Inventory, December 31, 2016 Direct Labor Factory Overhead Work in Process Inventory, January 1, 2016 a. Based on the information above Calculate Legend Guitar's Cost of Direct Materials Used in Production. $ b. Based on the information above Calculate Legend Guitar's Total Manufacturing Costs Incurred. $ - c. Based on the information above Calculate Legend Guitar's Cost of Goods Manufactured. (5 Points) 2. Suppose GX company uses direct labor hours to assign manufacturing overhead cost to job orders. The budget of the GX company shows an estimated manufacturing overhead cost of $8,000 for the forthcoming year. The company estimates that 1,000 direct labors hours will be worked in the upcoming year a. Based on the information above Compute the Predetermined Overhead Rate: __ per direct labor hour