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Problem Information: Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 . Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000. The following transactions occurred during the year: 1. Purchased $100,000 of raw materials on account. 2. Used 15505 raw materials In production. Of the materials used, 80% were classified as direct and 20% as indirect. 3. Incurred and paid wages and salaries of $600,000. The wages were classified as: Direct labor $525,000 Indirect labor $ 75,000 Selling and administration $ 230,000 . . 4. . Incurred the following additional costs: Miscellaneous manufacturing overhead costs (this amount does not include costs of indirect materials, indirect labor and depreciation) $ 85,000 Selling and Administrative costs $230,000 . 5. Recorded total depreciation of $120,000, related to: Factory manufacturing equipment Equipment used for selling and administrative purposes $75,000 $45,000 0 6. Work in process totaling $800,000 was transferred to Finished Goods during the year. 7. During the year, finished goods costing $1,000,000 were sold for $1,500,000. REQUIRED (to receive credit, answer must be supported by clearly presented, easy to understand, computations). Round all answers to the nearest dollar. 1. (1 point) Compute the predetermined overhead rate Morrison will use to apply MOH to Work-in-process. 2. (1 point) Compute the amount of overhead applied to Work-in-process during the year. 3. (3 points) Compute the ending balances in Raw Materials, Work-in-process, and Finished Goods accounts (hint: don't forget to include beginning balances). 4. (2 points) Compute the amount of over- or under-applied overhead for the year (be sure to label it as over or under applied). 5. (2 points) Assuming Morrison closes under or over-applied overhead to Cost of Goods Sold, compute adjusted COGS for the period. 6. (2 points) Prepare a traditional format income statement for the year (ignore income taxes). 7. (1 point) Clarity of supporting computations