Question 3 (24 marks) JIT manufacturing company operates a job order costing system and applies overhead cost to job on the basis of machine hours. Its predetermined overhead rate was based on a cost formula that estimated $92,000 of manufacturing overhead for an estimated allocation base of 36,800 machine hours. The company has provided the following actual data for the year: Purchase of raw material Direct labor cost Actual manufacturing overhead costs, including indirect material of $5,000 Machine hours $80,000 $61,000 $74,000 33,600 hours Beginning Ending Inventories: Raw materials Work in progress Finished goods $19,000 $38,000 $43,000 $15,000 $26,000 $28,000 Required: a) Compute the predetermined overhead rate for the year and compute the amount of underapplied or overapplied overhead for the year. (4 marks) b) Prepare a schedule of cost of goods manufactured for the year. (10 marks) c) Prepare the journal entry to adjust the underapplied or overhead and also a schedule of cost of goods sold for the year. (7 marks) d) For one of the jobs in January, it had used direct material of $4,000 and direct labor of $6,000. It has spent 300 machine hours. How much is the price of the job if the usual markup percentage on total costs is 30%