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 $53,600 and its total manufacturing overhead cost to be $91,120. 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 Required Required Required Required 1 2 3 4 5 Fill in the missing values in the T-accounts. Raw Materials Inventory Beginning Balance 13,100 Purchases 95,000 Ending Balance 29,000 Work in Process Inventory Beginning Balance 28,700 Direct Materials 69,900 Direct Labor $ 41,600 Applied Overhead Ending Balance 18,800 Finished Goods Inventory Beginning Balance 40,100 Cost of Goods Completed Ending Balance 49,500 Cost of Goods Sold Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Sales Revenue 315,000 Applied Overhead 14,300 Manufacturing Overhead Indirect Materials 9,200 Indirect Labor Factory Depreciation 11,000 Factory Rent 5,200 Factory Utilities 1,600 Other Factory Costs 9,800 Actual Overhead 51,1001 26,500 Selling, General, and Administrative Expenses Adm. Salaries Office Depreciation 18,500 Advertising 14,400 Ending Balance 59,400