I am having a hard time understanding how to prepare a journal entry to close an allocated manufacturing overhead. Please help! I am not sure if I have applied any of these concepts correctly.

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Premium Company produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Premium Company reports the following cost data for the past year: Direct labor hours Machine hours Depreciation on sales staff automobiles Indirect materials Depreciation on trucks used to deliver uniforms to customers Depreciation on plant and equipment Indirect manufacturing labor Customer service hotline Plant utilities Direct labor cost Budget Actual 7,100 hours 6,500 hours 6,800 hours 5,800 hours $23,500 $23,500 $52,000 $54,500 $13,500 $11,000 $64,000 $65,500 $39,500 $41,500 $21,500 $23,000 $900 $ 1,900 $71,000 $85,000 $285,900 Requirements: 1. Compute the predetermined manufacturing overhead rate. 2. Calculate the allocated manufacturing overhead for the past year. 3. Compute the underallocated or overallocated manufacturing overhead. 4. Prepare the journal entry to close the allocated manufacturing overhead 1. Compute the predetermined manufacturing overhead rate. $285,900 / 6,800 = $42 per machine hour Estimated yearly overhead costs $285,900 Estimated yearly machine hours 6,800 2. Calculate the allocated manufacturing overhead for the past year. 5,800 x $42 = $243,600 Actual Machine Hours 5,800 Per Machine hour $42 3. Compute the underallocated or overallocated manufacturing overhead. Manufacturing Overhead ACTUAL Depreciation on sales staff automobiles $23,500 Indirect materials $54,500 Depreciation on trucks used to deliver uniforms to customers $11,000 Depreciation on plant and equipment $65,500 Indirect manufacturing labor $41,500 Customer service hotline $23,000 Plant utilities $ 1,900 Direct labor cost $85,000 Manufcaturing overhead allocated $243,600 End Balance = $62,300 $305,900 - $243,600 = $62,300 4. Prepare the journal entry to close the allocated manufacturing overhead Journal Entry Date Description Credit Accounts Cost of Goods Sold Debit $62,300.00 3/25/21 Manufacturing Overhead $62,300.00