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Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $222,840 and total machine hours at 61,900 . During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 was completed and sold for $50,100. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $14,800. Required: 1. Calculate the predetermined overhead rate. Note: Round your answer to 2 decimal places. 2. Compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations. Note: Round your intermediate calculations to 2 decimal places. 3. Compute the balance in the Work in Process Inventory account at the end of the first month. Note: Round your intermediate calculations to 2 decimal places. 4. How much gross profit would the company report during the first month of operations before making an adjustment for over-or underapplied manufacturing overhead? Note: Round your intermediate calculations to 2 decimal places. 5-a. Determine the balance in the Manufacturing Overhead account at the end of the first month. Note: Round your intermediate calculations to 2 decimal places. 5-b. is it over-or underapplied? \begin{tabular}{|l|l|l|} \hline 1. Predetermined Overhead Rate & & per machine hour \\ \hline 2. Total Applied Manufacturing Overhead & & \\ \hline 3. Ending Work in Process Inventory & & \\ \hline 4. Gross profit & & \\ \hline 5-a. Balance & & \\ \hline 5-b. Is it over- or underapplied? & & \\ \hline \end{tabular}

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