Required 1. Determine the Predeterrnined Overhead rate. Prepare Taccounts for Raw material, Work in Process and Finished goods inventories. Also prepare T- accounts for Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from to these Taccounts (don't forget to enter the beginning balances in your inventory accounts). Compute an ending balance in each account. Is Manufacturing Overhead underapplied or overapplied for the year? Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Prerepare a schedule of cost of goods manufactured and cost of goods sold for the year. (all of the information is available in the Taccounts you have prepared.) Prepare an income statement for the year