Problem 3-14 (Algo) Schedule of Cost of Goods Manufactured; Overhead Analysis [LO3-3, LO3-4] Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estima $123,200 of manufacturing overhead for an estimated allocation base of $88,000 direct material dollars to be used in production. company has provided the following data for the just completed year: Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building Raw Materials Beginning $ 28,000 $ 134,000 $ 84,000 $ 129,600 $ 8,300 $ 19,000 $ 11,000 $ 8,300 $ 36,000 Ending $13,000 $ 35,000 Work in Process $ 48,000 $ 70,000 $ 61,000 Finished Goods Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materi 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answ 5. Assume that the $35,000 ending balance in Work in Process includes $8,800 of direct materials. Given this assumption, supply information missing below: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the predetermined overhead rate for the year. Predetermined overhead rate 1% Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Required 5 Compute the amount of underapplied or overapplied overhead for the year. overhead < Required 1 Required 3 > Required 1 Required Required 3 Required 4 Required 5 Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are usec materials. Direct materials: Total raw materials available Direct materials used in production Gitano Products Schedule of Cost of Goods Manufactured Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured < Required 2 Required 4 > Required 1 Required 2 Required 3 Required 4 Required 5 Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overappliec answer. Unadjusted cost of goods sold < Required 3 Required 5 > Required 1 Required 2 Required 3 Required 4 Required 5 Assume that the $35,000 ending balance in Work in Process includes $8,800 of direct materials. Given this assumption, supply the information missing below: Direct materials $ 8,800 Direct labor Manufacturing overhead Work in process inventory $ 35,000 < Required 4 Required 5 >