(25 points) Vandelay Industries makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: Machine-hours Fixed manufacturing overhead cost 88,000 $ 1,273,000 S 3.30 Variable manufacturing overhead per machine-hour During the year, a glut of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year: Machine-hours Manufacturing overhead cost Inventories at year-end: 50,000 $ 942,000 Raw materials Work in process (includes overhead applied of 53.310) Finished goods (includes overhead applied of 248,780) S 420,000 S 110,000 s 1,050,000 s 2.710,000 Cost of goods sold (includes overhead applied of 586.410) A. Compute the Company's predetermined overhead rate for the year B. Compute the underapplied or overapplied overhead for the year. Assume the Company closes any underapplied or overapplied directly to Cost of Goods Sold. Prepare the appropriate entry C. D. Assume that the Company allocates any underapplied or overapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold on the basis of the amount of overhead applied during the year (see table above for amounts applied to each category). Prepare the journal entry to show the allocation for the year