Kelby's Kites uses a job order costing system and a predetermined rate based on direct labor hours. Estimated overhead for 2021 is $750,000 and estimated direct labor hours are 50,000. Job 11 was sold on 10/31. Also known: - Raw materials beginning inventory was $13,200. Purchases of raw materials for October are $65,000 - Job 10 and 11 were finished in October; Job 11 was sold on 10/31. - Finished goods beginning inventory on 10/1 was $18,000. - Actual overhead for October was $5,000. Please answer the following questions: 1. What is the predetermined overhead rate? 2. Was overhead over applied or under applied in January? 2. Was overhead over applied or under applied in January? 3. By what amount was overhead over or under applied? 4. What is the cost of goods manufactured for January? 5. What is the cost of goodshold for January? 6. What are prime costs for January? 7. What is the ending work in process balance on January 31 ? 3. What is the ending finished goods inventory balance on January 31 ? Kelby's Kites uses a job order costing system and a predetermined rate based on direct labor hours. Estimated overhead for 2021 is $750,000 and estimated direct labor hours are 50,000. Job 11 was sold on 10/31. Also known: - Raw materials beginning inventory was $13,200. Purchases of raw materials for October are $65,000 - Job 10 and 11 were finished in October; Job 11 was sold on 10/31. - Finished goods beginning inventory on 10/1 was $18,000. - Actual overhead for October was $5,000. Please answer the following questions: 1. What is the predetermined overhead rate? 2. Was overhead over applied or under applied in January? 2. Was overhead over applied or under applied in January? 3. By what amount was overhead over or under applied? 4. What is the cost of goods manufactured for January? 5. What is the cost of goodshold for January? 6. What are prime costs for January? 7. What is the ending work in process balance on January 31 ? 3. What is the ending finished goods inventory balance on January 31