Shanshan Industries allocates manufacturing overhead at a predetermined rate of 160% of direct labor cost. Any overallocated or underallocated overhead is closed to the work in process, finished goods, and cost of goods sold at the end of the month. The information on job 205 that was in process at the end of the month of October: direct materials $4,000, direct labor $3,000 and allocated manufacturing overhead.

Jobs 206, 207, and 208 were started in November. Direct materials that were used in November were $26,000 and direct labor costs were $21,000. For the month of November, actual manufacturing overhead was $32,000. The only job still in process on the last day of November was job 104 with the following costs: $3,000 for direct materials and $1,500 for direct labor. The November 30 balance of Cost of Goods Sold, Finished Goods Control, Work-in-Process Control are $80,000, $12,500, and $7,500.

Required: 1. Calculate the cost of goods manufacturered for November. 2. Calculate the amount of overallocated or underallocated manufacturing overhead that should be closed to work in process, finished goods, and cost of goods sold on November 30. Be sure to label the answer as either overallocated or underallocated. 3. Compute the balance in work in process, finished goods, and cost of goods sold after adjusting the under- or overallocated manufacturing overhead of the Fanfan Industries on November 30. Dispose of this amount using the following: Proration based on the overhead allocated in 2020 (before proration) in the ending balances of Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold.