S 15-17 (Algo) Preparing a schedule of cost of goods manufacture LO P3 Shen Company reports the costs incurred below for the month ended May 31. The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of direct materials costs. Job 4 was completed and Job 5 is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. Direct materials used Job 4 $1,700 2,300 Job 5 $ 1,200 220 Direct labor used SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Add Work in process inventory, beginning 5 32 Built-Tite uses job order costing. The T-account below summarizes Factory overhead activity for the current year. Factory Overhead Debit Credit 17,300 111,000 26,300 61,300 ces 1. Compute total applied overhead cost. 2. Compute total actual overhead cost. 3. Compute the underapplied or overapplied overhead. 1 Total applied overhead cost 2. Total actual overhead cost 3