please show equations and work used to figure out the problems

. Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 . Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000. The following transactions occurred during the year: 1. Purchased $200,000 of raw materials on account. 2. Used 12345 raw materials in production. Of the materials used, 80% were classified as direct and 20% as indirect. 9876 direct materials 2469 indirect materials 3. . Incurred and paid wages and salaries of $730,000 The wages were classified as: Direct labor $525,000 Indirect labor $ 75,000 Selling and administration $ 230,000 4. Incurred the following additional costs: Miscellaneous manufacturing overhead costs (this amount does not include costs of indirect materials, indirect labor and depreciation) $ 85,000 Selling and Administrative costs $230,000 5. Recorded total depreciation of $140,000, related to: Factory manufacturing equipment Equipment used for selling and administrative purposes $75,000 $45,000 6. Work in process totaling $800,000 was transferred to Finished Goods during the year. 7. During the year, finished goods costing $1,000,000 were sold for $1,500,000. Compute the following and SHOW EQUATIONS used to find the answers. Show ALL work: 1. Compute the predetermined overhead rate Morrison will use to apply MOH to Work-in-process. 2. Compute the amount of overhead applied to Work-in-Process during the year. 3. Compute the ending balances in Raw Materials, Work-in-Process, and Finished Goods accounts (hint: don't forget to include beginning balances). 4. Compute the amount of over- or under-applied overhead for the year (be sure to label it as over or under applied). 5. Assuming Morrison closes under or over-applied overhead to Cost of Goods Sold, compute adjusted COGS for the period. 6. Prepare a traditional format income statement for the year. (ignore income taxes). 7. Clarity of supporting computations