Requirements 1. What is the cost of direct materials used? 2. What is the cost of indirect materials used? 3. What is the cost of direct labor? 4. What is the cost of indirect labor? 5. What is the cost of goods manufactured? 6. What is the cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead)? 7. What is the actual manufacturing overhead? 8. How much manufacturing overhead was allocated to jobs? 9. What is the predetermined manufacturing overhead rate as a percentage of direct labor cost? 10. Is manufacturing overhead underallocated or overallocated? By how much? Easy Life produces screens for use in various smartphones. The company reports the following information at December 31. Easy Life began operations on January 31 earlier that same year. (Click the icon to view additional information.) Read the requirements. More info Work in Process Inventory Wages Payable Manufacturing Overhead Finished Goods Inventory Raw Materials Inventory 29,000 124,500 79,000 79,000 3,000 42,000 124,500 112,000 54,000 32,000 63,000 16,000 42,000 Balance 0 43,000 - Easy Life produces screens for use in various smartphones. The company reports the following information at December 31. Easy Life began operations on January 31 earlier that same year. ... Requirement 1. What is the cost of direct materials used? The cost of direct materials used is Requirement 2. What is the cost of indirect materials used? The cost of indirect materials used is Requirement 3. What is the cost of direct labor? The cost of direct labor is Requirement 4. What is the cost of indirect labor? The cost of indirect labor is Requirement 5. What is the cost of goods manufactured? The cost of goods manufactured is Requirement 6. What is the cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead)? The cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead) is Easy Life produces screens for use in various smartphones. The company reports the following information at December 31. Easy Life began operations on January 31 earlier that same year. The actual manufacturing overhead is Requirement 8. How much manufacturing overhead was allocated to jobs? Allocated manufacturing overhead is Requirement 9. What is the predetermined manufacturing overhead rate as a percentage of direct labor cost? Identify the formula and then compute the percentage. (Round your answer to the nearest whole percent.) Predetermined = overhead rate = % Requirement 10. Is manufacturing overhead underallocated or overallocated? By how much? Identify the formula and then compute the underallocated or overallocated overhead. (Use parentheses or a minus sign for overallocated overhead.) Manufacturing overhead is by (Over) Under allocated Requirement 9. What is the predetermined manufacturing overhead rate as a percentage of direct labor cost? Identify the formula and then compute the percentage. (Round your answer to the nearest whole percent.) Predetermined rallocated or overallocated? By how much? = overhead rate % Actual manufacturing overhead Allocated manufacturing overhead ocated or overallocated overhead. (Use parentheses or a minus sign for overallocate Direct labor Indirect labor Manufacturing overhead Predetermined overhead rate = (Over) Under allocated