Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. 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 $54,100 and its total manufacturing overhead cost to be $91,970. 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. Calculate the predetermined overhead rate. \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Raw Materials Inventory } & \multicolumn{3}{|c|}{ Work in Process Inventory } \\ \hline \multicolumn{2}{|c|}{ Debit } & Credit & \multicolumn{2}{|c|}{ Debit } & \multirow[t]{2}{*}{ Credit } \\ \hline Beginning Balance & 13,400 & & Beginning Balance & 28,600 & \\ \hline Purchases & 94,700 & & Direct Materials & 69,300 & \\ \hline Ending Balance & 29,700 & & Direct Labor & 41,300 & \\ \hline & & & Applied Overhead & & \\ \hline & & & Ending Balance & 18,200 & \\ \hline \multicolumn{3}{|c|}{ Finished Goods Inventory } & \multicolumn{3}{|c|}{ Cost of Goods Sold } \\ \hline \multicolumn{2}{|c|}{ Debit } & Credi & \multicolumn{2}{|c|}{ Debit } & \multirow[t]{2}{*}{ Credit } \\ \hline Beginning Balance & 40,600 & & Unadjusted Cost of G & & \\ \hline \multicolumn{2}{|l|}{ Cost of Goods Completed } & & & \\ \hline \multicolumn{3}{|l|}{ Ending Balance } & \multicolumn{2}{|c|}{ Adjusted Cost of Goods Sold } & \\ \hline \multicolumn{3}{|c|}{ Sales Revenue } & \multicolumn{3}{|c|}{ Manufacturing Overhead } \\ \hline \multicolumn{2}{|c|}{ Debit } & Credi & \multicolumn{2}{|c|}{ Debit } & Credit \\ \hline & & 319,000 & Indirect Materials & 9,100 & Applied Overhead \\ \hline & & & Indirect Labor & 13,400 & \\ \hline & & & Factory Depreciation & 11,700 & \\ \hline & & & Factory Rent & 6,600 & \\ \hline & & & Factory Utilities & 2,700 & \\ \hline & & & Other Factory Costs & 8,700 & \\ \hline & & & Actual Overhead & 52,200 & \\ \hline \multicolumn{6}{|c|}{ Selling, General, and Administrative Expenses } \\ \hline \multicolumn{2}{|c|}{ Debit } & Credit & & & \\ \hline Administrative Salaries & 26,500 & & & & \\ \hline Office Depreciation & 19,900 & & & & \\ \hline Advertising & 14,300 & & & & \\ \hline Ending Balance & 60,700 & & & & \\ \hline \end{tabular} Compute over- or underapplied overhead. Prepare a brief income statement for the company