Inventories Work in Process Raw Materials Finished Goods $21,000 $18,000 $15,000 $12,000 $9,000 $6,000 | 10,000 7,500 $3,000 20,000 10,000 12,000 15,000 $0 November 30 December 31 November 30 December 31 November 30 December 31 Factory Overhead for Sales, Materials, and Payroll for Indirect labor Indirect materials 5,000 7,000 Factory payroll 57,000 Raw materials purchases 40,000 Total Overhead $42,000 Sales 200,000 30,000 Other overhead costs Predetermined Overhead Rate Predetermined overhead rate based on direct labor cost 70% # + ableau . Compute gross profit. (Do not consider any underapplied or overapplied overhead.) . Compute overapplied or underapplied overhead. . If overhead is underapplied, an adjusting journal entry is required to do which of the following: Required 1 Required 2 Required 3 Compute gross profit. (Do not consider any underapplied or C $ 0 Required 1 Required 2 Required 3 Compute overapplied or underapplied overhead. Required 1 Required 2 Required 3 Required 3 If overhead is underapplied, an adjusting journal entry is required to do which of the following: If overhead is underapplied, an adjusting journal entry is required to do which of the following