Short Answer The following costs are attributed to the Quilt Company: Purchase of raw materials (all direct) $298,000 Direct labour cost $141,600 Manufacturing overhead costs $176,260_ Inventories: Beginning raw materials Ending raw materials Beginning work in process Ending work in process Beginning finished goods Ending finished goods $10,000 $8,000 $20,000 $15,600 $20,000 $6,600 7. 8. Quilt Company used a 120% predetermined overhead rate based on direct labour cost. Required: Calculate the cost of goods manufactured. What was the cost of goods sold before adjusting for any under or over applied overhead? By how much was manufacturing overhead cost under or over applied? Would the summary journal entry to close any under or over applied manufacturing overhead cost be a debit or credit to COGS? 9. 10