PA2-8 (Algo) Recording Manufacturing Costs, Preparing a cost of Goods Manufactured Report, and Calculating Income from Operations (LO 2-3, 2-4,2-5, 2-6) Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its total direct labor cost to be $56,700 and its total manufacturing overhead cost to be $90,720. Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting period which is given in second requirement Required: 1. Calculate the predetermined overhead rate. 2. Fill in the missing values in the T-accounts. 3. Compute over- or underapplied overhead. 4. Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. 5. Prepare a brief income statement for the company. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the predetermined overhead rate. Predetermined Overhead Rate % of Direct Labor Cost Required 2 > Raw Materials Inventory 13,900 Beginning Balance Purchases Ending Balance Work in Process Inventory 28.400 69,800 $ 41,500 Beginning Balance Direct Materials Direct Labor Applied Overhead Ending Balance 94,300 28,500 18,500 Cost of Goods Sold Finished Goods Inventory 40,900 Beginning Balance Cost of Goods Completed Ending Balance Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold 48,400 Sales Revenue 311,000 Applied Overhead Indirect Materials Indirect Labor Factory Depreciation Factory Rent Factory Utilities Other Factory Costs Actual Overhead Manufacturing Overhead 9.900 14,500 11,500 6,400 2.100 9,900 54,300 Selling, General, and Administrative Expenses Adm. Salaries 26,300 Office Depreciation 19,900 Advertising 14,100 Ending Balance 60,300 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute over- or underapplied overhead. Manufacturing Overhead DOBSON MANUFACTURING COMPANY Cost of Goods Manufactured and Sold Report Direct Materials used in Production Total Current Manufacturing Costs Total Work in Process Cost of Goods Manufactured Cost of Goods Available for Sale Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold DOBSON MANUFACTURING COMPANY Income Statement Net Income from Operations