Almeda Products, Inc., uses a job-order costing system. The company's inventory balances on April 1, the start of its fiscal year, were as follows: Raw materials Work in process Finished goods $15,600 $10,900 $31,800 During the year, the following transactions were completed: a. Raw materials were purchased on account, $200,000. b. Raw materials were issued from the storeroom for use in production, $189,900 (80% direct and 20% indirect). c. Employee salaries and wages were accrued as follows: direct labor, $87,000; indirect labor, $27,000; and selling and administrative salaries, $80,000. d.Utility costs were incurred in the factory, $41,000. e.Advertising costs were incurred, $50,000. f. Prepaid insurance expired during the year, $10,000 (90% related to factory operations, and 10% related to selling and administrative activities). g. Depreciation was recorded, $59,000 (85% related to factory assets, and 15% related to selling and administrative assets). h. Manufacturing overhead was applied to jobs at the rate of 175% of direct labor cost. i. Goods that cost $327,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totaled $700,500 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $329,000. Requirement 3: (a) Is Manufacturing Overhead underapplied or overapplied for the year? (Input the amount as positive value. Omit the "S" sign in your response.) Manufacturing overhead is underapplied by $ (b) Prepare a journal entry to close this balance to Cost of Goods Sold. (Omit the "S" sign in your response.) General Journal Debit Credit Cost of goods sold Manufacturing overhead