4. Renteria Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $305,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $322,000 of overhead costs are incurred and 130,000 hours are used. Instructions (a) Compute the manufacturing overhead rate for the year. (b) What is the amount of under-or over-applied overhead at December 31? (c) Assuming the under or over-applied overhead for the year is not allocated to inventory accounts, prepare the adjusting entry to assign the amount to cost of goods sold.5. Aikman Corporation has the following cost records for June 2010. Indirect factory labor $ 4,500 Factory utilities S 400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/10 3,000 Direct labor 30,000 Work in process, 6/30/10 3,800 Maintenance, factory equipment 1.800 Finished goods, 6/1/10 5,000 Indirect materials 2,200 Finished goods, 6/30/10 7.500 Factory manager's salary 3,000 Instructions (a) Prepare a cost of goods manufactured schedule for June 2010 (b) Prepare an income statement through gross profit for June 2010 assuming net sales are $87,100