PT. ABC uses a job-order costing system to produce custom lamps. The predetermined overhead rate is based on the allocation base of the number of machine hours. At the beginning of the year, the company estimates that factory overhead costs for the year are $240,000 and machine hours of 8,000 hours. The jobs completed in April are jobs A and a LE (Ctrl) The following information relates to activities in April of the current year: Job A Job B Job C Total Work in Process, April. 1 $16,000 $26,000 $38,000 $80,000 April Production Activities: -Raw Material Usage $ 4,000 $ 4,800 $ 7,200 $16,000 - Direct Labor Cost $ 2,400 $ 3,600 $ 4,000 $10,000 -Engine Hours 400 700 900 2,000 -Direct Labor Hours 120 180 200 500 The actual manufacturing overhead incurred in April was $61,000. Required: 1. Calculate the predetermined overhead rate 2. Determine the total cost associated with each job 3. How much is the cost of production? 4. What is the value of the finished goods in process? 5. What is the value of the final finished goods? 6. How much does under/over applied overhead cost? 7. Determine COGS Value after adjusting for over/underapplied OH