Beta Company provided the following information at year end:

Raw material purchases $80,000

Advertising expenses $50,000

Net income $15,000

Manufacturing overhead applied $100,000

Actual manufacturing overhead $125,000

An adjusted cost of goods sold $225,000

Total manufacturing cost $300,000

	Beginning	Ending
Raw materials	$50,000	$20,000
Work in process	$150,000	$250,000
Finished goods	$100,000	$75,000

1. Prepare an income statement for Beta Company
2. Prepare a schedule of goods manufactured for Beta Company
3. Prepare a shedule of adjusted cost of goods cold for Beta Company
4. Prepare the journal entry and T accounts needed to clear the manufacturing overhead account of over/under applied manufacturing overhea How does this journal entry affect Net income?