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Palmer Company is a manufacturing firm that uses a job-order costing accounting system. The company uses a Just-in-time purchasing system and therefore does not have any raw materials inventory. The company's inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw Materials S Work in process S 27,000 S 9,000 Finished goods S 62,000 S 77,000 The company applies overhead to jobs using a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated the following: Manufacturing overhead cost S 222,900 Machine hours 33,000 The following actual transactions and activities were recorded for the year: Raw materials purchased and used in production: Direct materials 281,000 Indirect materials 26,000 Direct labour 377,000 Indirect labour 96,000 Administrative salaries 172,000 Sales salaries 147.000Utilities - Factory 10,000 Depreciation - Factory 120,000 Depreciation - Selling & Administrative 7,000 Sales 1,253,000 Machine hours 34,000 Required: (a) Compute the predetermined overhead rate for the year. S 6.755 machine hour (b) Compute the amount of applied overhead for the year. $ 229,655 (c) Was the manufacturing overhead underapplied or overapplied? underapplied What amount was this balance in manufacturing overhead account? $ 22,345 Prepare a schedule of cost of goods manufactured for the year. Palmer Company Schedule of Cost of Goods Manufactured For the year ended XXXXXXX, 20XXDirect materials used in production S 281,000 Direct labour 377,000 Applied manufacturing overhead 229,655 Total manufacturing costs 887,655 Add: Work in process, beginning 27,000 Deduct: Work in process, ending 9,000 Cost of goods manufactured $ 905,655 3. Compute the unadjusted and adjusted cost of goods sold for the year. The company considers the current balance in the manufacturing account to not be materially significant and, as such, closes any underapplied or overapplied overhead to cost of goods sold at year end. Finished goods inventory, beginning 62,000 Add: Cost of goods manufactured 905,655 Deduct: Finished goods inventory, ending 77,000 Unadjusted Cost of Goods Sold 890,655 Add: Underapplied overhead 22,345 Adjusted Cost of Goods Sold S 913,000