Hannah Industries manufactures industrial-strength pneumatic tools. The following transactions occurred during the year. [Note: Hannah applies overhead to products at the rate of 25% of direct labor cost). Direct material purchases $ Direct materials used Direct labor used Depreciation on factory Cash paid for factory utilities Cash paid for sales manager's salary Expired insurance policy (for factory inventories) Cash paid for next year's insurance policy Cost of goods manufactured Cost of goods sold 300 250 400 50 30 10 15 20 750 720 REQUIREMENTS: (1) Record the above transactions in general journal entries. (2) Close over/under allocated overhead to cost of goods sold.