Use the following for the next 9 questions.

Acme Company had the following transactions during its first year of operations. At the beginning of the year, management established a predetermined overhead rate using the following: estimated overhead of $1,540,000 and estimated direct labor hours of 35,000. As this is the companys first year of operations, the beginning balances in its three inventory accounts are zero. Make the following journal entries, create T accounts to calculate the ending balances and then answer the questions.

1. Purchased materials on account, $1,224,000.

2. Issued materials to production as follows: direct materials - 78 percent of purchases, indirect materials - 10 percent of purchases.

3. Direct labor for production is $844,000 (at $25/hour), indirect labor is $250,000. These amounts were paid in cash.

4. Paid $1,620,000 for utilities, maintenance, and other miscellaneous items for the manufacturing shop.

5. Applied overhead to production.

6. Goods costing $1,996,000 were completed during the period.

7. Goods costing $1,206,000 were sold on account for $1,912,000.

What is the predetermined overhead rate for the year? Enter your amount without a dollar sign in the following format

What is the ending balance in the Materials Inventory account? Enter your amount without a dollar sign or commas.

What is the ending balance in the Work in Process Inventory account? Enter your amount without a dollar sign or commas.

What is the ending balance in the Finished Goods Inventory account? Enter your amount without a dollar sign or commas.

What is the amount of the companys total actual manufacturing overhead costs for the year? Enter your amount without a dollar sign or commas.

What is the amount of applied manufacturing overhead?

The company writes off over/underapplied overhead to Cost of Goods Sold. In the adjusting journal entry to write off over/underapplied overhead, what amount would be recorded in the Cost of Goods Sold account? Enter your amount without a dollar sign or commas.

Refer the previous question, would the entry in Cost of Goods Sold be recorded with a debit or credit?

Refer to the previous two questions. Was the companys overhead overapplied or underapplied during the year?