1. compute predetermined overhead rate for the year.

2. how much manufacturing overhead was allocated druing the current year

3. compute underallocatrd or overallocated overhead for the year.

4. record the journal entry to close out tbr underallocated or overallocated manufacturing overhead

L &Moving to another question will save this responee Question 13 of 18 Question 13 20 points Seve Anewer 1. (20 points) Vandelay Industries makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to prodacts on the basis of machine-hours. The following estimates were used in preparing the pedetermined overhead rate at the beginning of the year FOR ANSWERS: Do not include $ or.dollar signe or commas) The test is autocomrected looking for exact matches I review all tests to ensure proper credit is given for comect responses Machine-hours 75,000 Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour 1,273,000 3.30 During the year, a glut of furniture on the market resulted in cuting back production and a buildup of fumiture in the company's warehouse. The company's cost reconds revealed the following actual cost and operating data for the year Machine-hours 60,000 Manufacturing overhead cost S 942,000 Inventories at year-end: Raw materials $ 420,000 Work in process (includes overhead applied of 53,310) S 110,000 Finished goods (includes overhead applied of 248,780) S 1,050,000 Cost of goods sold (includes overhead applied of 586,410) S 2,710,000