Help SET Sub ham Graded w company warehouse The company's cost records revealed the following actual cost and operating data for the year 6 71. 990.00 $ Machine hours Manufacturing overhead cost Inventories are Naw Materials work in process (includes overhead applied of 373, Vinished god (includes verhead ople of $147.61 Costo de verhaal of 301.460) 12 11.000 1 14.00 1 112,00 1 142.000 Required: 1 Compute the underapplied or over applied overhead 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold Prepare the appropriate orrial entry of no entry is required for a transaction/event, select "No journalty required in the first account neid.) 3. Assume that the company allocates any underapplied or over aporedoverhead proportionally to Work in Process Finished Goods and Cost of Goods Sold Prepare the appropriate journal entry no entry is required for transaction/vent, select No journal entry required in the first account field) 4 How much higher or lower wil 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 Solat