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Gitano Products operates a job$-$order costing system and applies overhead costs 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 $$872,100$ of manufacturing overhead for an estimated allocation base of $$513,000$ direct material dollars to be used in production. The company has provided the following data for the just$-$completed year:

Purchase of raw materials $ $523,000$

Direct labor cost $ $103,000$

Manufacturing overhead costs:

Indirect labor $ $183,000$

Property taxes $ $61,000$

Depreciation of equipment $ $273,000$

Maintenance $ $108,000$

Insurance $ $8,300$

Rent, building $ $193,000$

Beginning Ending

Raw Materials $ $26,500$ $ $93,000$

Work in Process $ $163,000$ $ $76,500$

Finished Goods $ $273,000$ $ $426,000$

Required:

Compute the predetermined overhead rate for the year.

Compute the amount of underapplied or overapplied overhead for the year.

Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials.

Compute the unadjusted cost of goods sold for the year.

Prepare the journal entry to close out the under$-$ or overapplied overhead to the appropriate account$($s$).$ Problem $5-18($Algo$)$ Schedule of Cost of Goods Manufactured; Overhead Analysis $[$LO$3,$ LO$5,$ LO$7]$

Gitano Products operates a job$-$order costing system and applies overhead costs 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

$$872,100$ of manufacturing overhead for an estimated allocation base of $$513,000$ direct material dollars to be used in production. The

company has provided the following data for the just$-$completed year:

Required:

Compute the predetermined overhead rate for the year.

Compute the amount of underapplied or overapplied overhead for the year.

Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials.

Compute the unadjusted cost of goods sold for the year.

Prepare the journal entry to close out the under$-$ or overapplied overhead to the appropriate account$($s$).$ Complete this question by entering your answers in the tabs below.

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.

$\backslash$table$[[$Gitano Products$],[$Schedule of Cost of Goods Manufactured$],[?,,,],[$Direct materials:,,,$],[$Beginning raw materials inventory,$ $26,500,,],[$Add: Purchases of raw materials,$523,000,,],[$Total raw materials available,$549,500,,],[$Less: Ending raw materials inventory,$93,000,,],[$Direct materials used in production,,$ $456,500,],[$Direct labor,,$103,000,],[$Manufacturing overhead applied to work in process,,$776,050,],[$Total manufacturing costs added to production,,,$],[$Total manufacturing costs to account for,,,$0],[$Less: Ending work in process inventory,,,$],[$Cost of goods manufactured,,,$]]$

As you can see, from the image attached, my chart is incomplete. I am unsure how to complete it$.$ Especially the row right underneath the "Schedule of Cost of Goods Manufactured" as no example in my lecture notes$/$textbook have that line right underneath that title. I am confused.

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