Managerial Accounting

Royal Printers, a printing company, has provided the following data for the month of August. Work in Process Inventory - Opening Balance $20,000 Work in Process - Ending Balance $ 25,000 Direct materials incurred during the month : $65,000 Direct Labor Hours : 2000 Direct Labor cost incurred : $40,000 Predetermined Overhead Rate (to apply for work in Process) :$20 per labor hour Manufacturing Overhead cost incurred during the month : $35,000 You are required to calculate 1. Cost of goods Manufactured 2. Identify whether the Manufacturing Overhead is underapplied or over applied 3. How would adjust the overapplied/underapplied overhead in the cost of goods manufactured account