PB2-8 Recording Manufacturing Costs, Preparing a Cost of Goods Manufactured LO 2-3, 2-4, 2-5, 2-6 Report, and Calculating Income from Operations Carlton 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 $42,000 and its total manufacturing overhead cost to be $75,600. Several incomplete general ledger accounts showing the transactions that occurred during the most recent accounting period follow: Raw Materials Inventory Work in Process Inventory Beginning Balance Direct Materials Direct Labor Applied Overhead 30,000? 35,000 20,000 Beginning Balance 10,000 Purchases 85,000 Ending Balance$18,500 Ending Balance Cost of Goods Sold Finished Goods Inventory Unadjusted Cost of Beginning Balance 60,000 Cost of Goods Goods Sold Adjusted Cost of Goods Sold Completed Ending Balance 40,000 Sales Revenue Manufacturing Overhead 280,000 10.0001? Applied Overhead Indirect Materials Indirect Labor Factory Depreciation Factory Rent Factory Utilities Other Factory Costs Actual Overhead 20,000 Selling, General, and Administrative Expenses 13,000 Adm. Salaries Office Depreciation Advertising Ending Balance 30,000 12,000 5,000 14,000 20,000 19,000 69,000 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