Steele Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. Steele Corporation has provided the following estimated costs for next year: Direct materials Direct labor Sales commissions $ 20,000 $ 60,000 $ 80,000 Salary of factory supervisor Indirect materials Advertising expense Rent on factory equipment 132 $40,000 $8,000 $ 16,000 $ 20,000 Steele estimates that 10,000 direct labor-hours and 16,000 machine-hours will be worked during the year. The predetermined overhead rate per hour will be: Previous Page Next Page Page 2 of 6 Question 4 (1 point) Saved Which of the following is NOT one of the three inventory accounts reported on the balance sheet? Raw materials Work in process Cost of goods sold Finished goods