Royal Printers, a printing company, has provided the following data for the month of August. Work in Process Inventory - Opening Balance $15,000 Work in Process - Ending Balance $30,000 Direct materials incurred during the month = $60,000 Direct Labor Hours $2,500 labor hours Direct Labor cost incurred $40,000 Predetermined Overhead Rate (to apply for work in Process) $15 per labor hour Manufacturing Overhead cost incurred during the month $40,000 1. You are required to calculate Cost of goods Manufactured 2. Identify whether the Manufacturing Overheadisunderapplied or over applied 3. How would adjust the overapplied/underapplied overhead in the cost of goods manufactured account