Barbicon Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost. At the beginning of 2012, they formulated a rate of 20% times the direct labor cost. In June, 2012, Barbicon completed the job. Information are as follows: Direct materials cost $56,220 Direct labor cost $125.000 Units of product produced: 250 kilos Actual overhead costs incurred: Indirect materials $5,200 Indirect labor $3,750 Plant depreciation $4,800 Plant utilities and insurance $9,530 Requirements: 1. Compute the allocated manufacturing overhead for the year. 2. Prepare the journal entry to allocate overhead cost for the year. 3. Compute the actual overhead incurred during the period. 4. Compute total cost of the products produced (250 kilos) 5. Use a T-account to determine the amount of underallocated or overallocated manufacturing overhead. 6. Prepare the journal entry to close the balance of Manufacturing overhead account