Selected ledger accounts for Reaim Compary are given below for the just-completed year: 4. What was the cost of goods manufactured for the year? Cost of goods mandictured Manufacturing Qverhead Debits 385,909 Cresits 5. What was the cost of goods sold for the year foefore considering underapplied or overappled ovechead)? Coul of poods nold Gordon Company is highly automated and uses computerized controllers in manufacturing operations. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of the time recorded to complete each job by the computerized controllers attached to each machine. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: A severe economic recession resulted in cutting back production and a buildup of inventory in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year: 7. Was manufacturing overhead underapplied or overapplied? By how much? Required: 1. Compute the company's predetermined overhead rate for the year. 2. Compute the underapplied or overapplied overhead for the year. 3. Prepare the journal entry to show the disposal of under/overapplied overhead. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)