1-12. Hung Company uses a job costing system, and factory overhead is applied on the basis of machine hours. At the beginning of the year, management estimated that the company would incur $1.050,000 of factory overhead costs and use 35.000 machine hours Hung Company recorded the following events during the month of March (6) Purchased 130.000 pounds of materialk on account. The cost was $3.00 per pound, (b) Issued 110,000 pounds of materials to production, of which 20,000 pounds were used as indirect materials. (c) Incurred $200,000 of direct labor costs and $40,000 of indirect labor costs. (d) Recorded depreciation on equipment for the month, $15.000. (e) Recorded 89,000 of insurance costs for the manufacturing property in Paid S.000 cach for us and other miscelacouses for the manufacturing plant (a) Completed job MII costing $6,000 and job M12 costing 570.000 during the month and transferred them to Finished Goods inventory Account (1) Shipped jeb M12 to the customer during the month The job was invoiced at 30 percent above COS (1) Used 8.000 machine hours during March Required: (1) Compute Hung Company's predetermined overbead rate for the year (2) Prepare journal entries to record the events that incurred during March (Please enter above) (3) Compute the amount of overapplied or underapplied overhead and prepare a journal entry to close overapplied or underapplied overhead into cost of goods sold on March 31