Budgeted amount Factory overhead Machine hours Direct labour cost Direct labour hours Fabrication $500,000 4,000 125,000 12,500 hours Job 500 job cost sheet indicated the following Budgeted amount Direct materials Machine hours Direct labour cost Fabrication $5,000 300 Assembly $1,000,000 20,000 250,000 25,000 hours Direct labour hours $9,000 600 Assembly $10,000 300 $8,000 400 At the end of the year total factory overhead for fabrication is $660,000 and there was 4,500 machine hours in the fabrication department and 21,000 machine hours in the assembly department. Ending balances in the relevant accounts were: Work-in-Process $40,000 Finished Goods 80,000 Cost of Goods Sold_680,000 Required: 20 marks a. b. C. Determine the cost of Job 500. Prepare a journal entry to write off the difference between allocated and actual overhead directly to Cost of Goods Sold. Be sure your journal entry closes the related overhead accounts. Prepare a journal entry that prorates the write-off of the difference between allocated and actual overhead using ending account balances.