The following data have been taken from the accounting records of Sharp Corporation for the just completed year. Sharp company applies overhead on the basis of Direct Labor cost. All over/under applied overhead is costed out to Cost of Goods Sold.

All numbers below are in thousands of dollars.

Sales $975

Purchases of Raw Materials $175

Direct Labor $225

Indirect Materials $25

Indirect Labor $45

Other manufacturing overhead $120

Manufacturing rent $48

Admin expenses $120

Selling expenses $170

Raw materials inventory, beginning $20

Raw materials inventory, ending $50

Est. overhead expenses $240

Est. Direct labor cost $320

Work in process inventory, beginning $80

Work in process inventory, ending $60

Finished goods inventory, beginning $110

Finished goods inventory, ending $100

1. Calculate the predetermined overhead rate.

2. Prepare a Schedule of Cost of Goods Manufactured in good format. (I am just having trouble finding the Manufactured Overhead applied to Work in Process right after Direct Labor on the schedule.) Thanks!