K Courtney Proctor joined Cooper Brothers Inc. as controller in October 2019. (Click the icon for additional information about Cooper Brothers Inc.) Proctor is eager to impress her new employer, and she knows that in 2020, Cooper Brothers' upper management is under pressure to show a profit in a challenging competitive environment because they are hoping to be acquired by a large private equity firm sometime in 2021. O This quest At the end of 2019, Proctor decides to adjust the manufacturing overhead rate to 150% of direct labor cost. She explains to the company president that, because overhead was underallocated in 2019, this adjustment is necessary. Cost information for 2020 follows. (Click the icon to view the cost information for 2020.) Cooper Brothers' revenue for 2020 was $5,715,000, and the company's selling and administrative expenses were $2,891,000. Read the requirements Requirement 1. Calculate the amount of under- or overallocated manufacturing overhead. Manufacturing overhead is overallocated by 192000 Requirement 2a. Calculate Cooper Brothers' net operating income under the following: Under- or overallocated manufacturing overhead is written off to cost of goods sold. (Use parentheses or a minus sign for a net operating loss.) If the under- or overallocated manufacturing overhead is written off to cost of goods sold, Cooper's net income (loss) would be 13400 Requirement 2b. Calculate Cooper's net operating income under the following: Under- or overallocated manufacturing overhead is prorated based on the ending balances in work in process, finished goods, and cost of goods sold First, determine how much of the under- or overallocated manufacturing overhead will be written off to cost of goods sold. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Cost of goods sold will be adjusted by 146909 Now calculate the net income (loss). (Use parentheses or a minus sign for a net operating loss.) Next