Problem 3-14 Schedule of Cost of Goods Manufactured; Overhead Analysis (LO3-3, LO3-4) Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $118,300 of manufacturing overhead for an estimated allocation base of $91,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials $140,000 Direct labor cost $ 87,000 Manufacturing overhead costs: Indirect labor $114,700 Property taxes $ 8,800 Depreciation of $ 17,000 equipment Maintenance $ 13,000 Insurance $ 11,100 Rent, building $ 36,000 Beginning Ending Raw Materials $ 25,000 $14,000 Work in $ 48,000 $38,000 Process Finished $ 73,000 $56,000 Goods Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. 5. Assume that the $38,000 ending balance in Work in Process includes $8,900 of direct materials. Given this assumption, supply the information missing below: Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. 5. Assume that the $38,000 ending balance in Work in Process includes $8,900 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. Gitano Products Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory $ 25,000 Add: Purchases of raw materials 140,000 Total raw materials available 165,000 Less: Ending raw materials inventory 14.000 Raw materials used in production $ 151,000 Direct labor 87,000 Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory Less: Ending work in process inventory Cost of goods manufactured Problem 3-14 Schedule of Cost of Goods Manufactured; Overhead Analysis (LO3-3, LO3-4) Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct mate used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a formula that estimated $118,300 of manufacturing overhead for an estimated allocation base of $91,000 direct ma dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials $140,000 Direct labor cost $ 87,000 Manufacturing overhead costs: Indirect labor $114,700 Property taxes $ 8,800 Depreciation of $ 17,000 equipment Maintenance $ 13,000 Insurance $ 11,100 Rent, building $ 36,000 Beginning Ending Raw Materials $ 25,000 $14,000 Work in $ 48,000 $38,000 Process Finished $ 73,000 $56,000 Goods Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in productior direct materials. 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overh in your answer. 5. Assume that the $38,000 ending balance in Work in Process includes $8,900 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. Unadjusted cost of goods sold Problem 3-14 Schedule of Cost of Goods Manufactured; Overhead Analysis (LO3-3, LO3-4) Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $118,300 of manufacturing overhead for an estimated allocation base of $91,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials $140,000 Direct labor cost $ 87,000 Manufacturing overhead costs: Indirect labor $114,700 Property taxes $ 8,800 Depreciation of $ 17,000 equipment Maintenance $ 13,000 Insurance $ 11,100 Rent, building $ 36,000 Beginning Ending Raw Materials $ 25,000 $14,000 Work in $ 48,000 $38,000 Process Finished $ 73,000 $56,000 Goods Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. 5. Assume that the $38,000 ending balance in Work in Process includes $8,900 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Assume that the $38,000 ending balance in Work in Process includes $8,900 of direct materials. Given this assumption, supply the information missing below: Direct materials Direct labor Manufacturing overhead Work in process inventory