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Problem 3-12 Predetermined Overhead Rate; Disposing of Underapplied or Overapplied Overhead (LO3- Luzadis Company 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 predetermined overhead rate was based on a cost formula that estimates $1,520,000 of total manufacturing overhead for an estimated activity level of 76,000 machine-hours. During the year, a large quantity 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 $ 64.000 1,471,000 Machine-hours Manufacturing overhead cost Inventories at year-end: Raw Baterials Work in process (includes overhead applied of 164,000) Finished goods (includes overhead applied of 5204,800) Cost of goods sold (includes overhead applied of 51,011,200) 14,000 90,500 289,600 1,429,900 $ $ Required: 1. Compute the underapplied or overapplied overhead. 2. Assume that the company closes any underapplied or overapolied overhead to Cost of Goods Sold. Prepare the appropriate journal entry 3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods and Cost of Goods Sold Prepare the appropriate journal entry 4 How much higher or lower wil net operating income be the underapplied or over applied overhead is allocated to Work in Process Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold? Complete this question by entering your answers in the tabs below. Compute the underapplied or overapplied overhead Required 2 > - Rudt Ur Lory mules bly U U U UVE R N WIR SIRIULES, SUUS and Cost of Goods Sold. Prepare the appropriate journal entry. 4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume that the company doses any underapplied or overapplied overhead to cost of Goods Sold. Prepare the appropriate journal entry (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transactions Journal entry worksheet Record the entry to close the balance in the manuf to the cost of goods sold account. Note: Enter dette before credits Event General Journal Debt Credit Chery Vww general Begited 64,000 $ 1,471,080 Machine-hours Manufacturing overhead cost Inventories at year-end: Raw materials Work in process (includes overhead applied of $64,000) Finished goods (includes overhead applied of $284,800) Cost of goods sold (includes overhead applied of $1,011,200) 14,000 98,500 289,600 $ 1,429,900 Required: 1. Compute the underapplied or overapplied overhead. 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry 3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods and Cost of Goods Sold. Prepare the appropriate journal entry. 4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process Finished Goods, and cost of Goods Sold rather than being closed to Cost of Goods Sold? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume that the company allocates any underapplied or overapplied overhead proportionally to Work In Process, Finished Goods, and cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Event General Journal Debit Credit company's warehouse. The company's cost records revealed the following actual cost and operating data for the year. 64,000 $ 1,471,000 Machine-hours Manufacturing overhead cost Inventories at year-end: Raw materials Work in process (includes overhead applied of $64,000) Finished goods (includes overhead applied of $204,800) Cost of goods sold (includes overhead applied of $1,011,209) 14,000 90,500 $ 289,600 $ 1,429,900 Required: 1. Compute the underapplied or overapplied overhead. 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate lournal entry. 3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. 4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 How much higher or lower wil net operating income be if the underapplied or overapplied overhead is allocated to work in Process, Finished Goods, and cost of Goods Sold rather than being closed to Cost of Goods Sold? Net operating income we be the delocated rather than dosed entirely to cost of goods sold