Chapter 2 Homework Seved Help Save & Exit Submit Check my work 5 Direct materials used Direct labor Machine hours Job 101 Job 102 Job 103 Total $19,200 $ 14,400 $9,600 $ 43,280 $ 28,800 $11,200 $9,600 $49,680 1. eee hours 4,000 hours 2,000 hours 7.000 hours 3.33 points eBook Print References Job 101 was completed and sold for $60,000. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $45,000. Required: 1. Calculate the predetermined overhead rate. 2. Compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations 3. Compute the balance in the Work in Process Inventory account at the end of the first month. 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? 5a. Determine the balance in the Manufacturing Overhead account at the end of the first month. 5-b. Is it over- or underapplied? $ 7 per machine hour 49.000 1. Predetermined Overhead Rate 2 Total Applied Manufacturing Overhead 3 Ending Work in Process Inventory 4. Gross profil 5-a. Balance 5-b. Is it over or underapplied? $ 5,000 D 19 stv