PROBLEM 3-25 Schedule of Cost of Goods Manufactured; Overhead Analysis [LO3-1, LO3-2, LO3-3, L03-6, L03-7] 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 predeter- mined overhead rate was based on a cost formula that estimated $800,000 of manufacturing over- head for an estimated allocation base of $500,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $510,000 $90,000 Direct labor cost Manufacturing overhead costs $170,000 Property taxes . Depreciation of equipment .$95,000 $7,000 Rent , building... Beginning Ending $20,000 $80,000 Raw Materials Work in Process Finished Goods . . .. $150,000 $70,000 $260,000 $400,000