Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 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? Wet operating income will be greater if the underapplied overhead is allocated rather than closed entirely to cost of goods sold. This is a numeric cell, som Required 1 please enter numbers only. Required 1 Required 2 Required 3 Required 4 Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prep (If no entry is required for a transaction/event, select "No journal entry required" in the first account fie View transaction list Journal entry worksheet Record the entry to close the balance in the manufacturing overhead account to the cost of goods sold account. Note: Enter debits before credits. Event Debit Credit 1 General Journal Cost of goods sold Manufacturing overhead ************* Required 1 Required 2 Required 3 Required 4 Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No jour required" in the first account field.) View transaction list Journal entry worksheet Record the allocation of the underapplied/overapplied overhead to various accounts. Note: Enter debits before credits. Debit Credit Event 1 General Journal Work in process Finished goods Record entry Clear entry View general journal