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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 $$800,000$ of manufacturing overhead for an estimated allocation base of $$500,000$ direct material dollars to be used in production. The company has provided the following data for the just completed year:

Purchase of raw materials $ $510,000$

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 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 materials.

$4.$ Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer.

$5.$ Assume that the $$70,000$ ending balance in Work in Process includes $$24,000$ of direct materials. Given this assumption, supply the information missing below: