Insert Fake Company Name Here Industries makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: Machine-hours 50,000 Fixed manufacturing overhead cost S 1,400,500 Variable manufacturing overhead per machine-hour $ 3.75 During the year, a glut of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year: Machine-hours 60,000 Manufacturing overhead cost $ 1,875,225 Inventories at year-end: Raw materials S 420,000 Work in process $ 110,000 Finished goods $ 1,050,000 Cost of goods sold $ 2,710,000 Do not use "S" or "," in answers. Round POHR to 2 decimal points, round all other numbers to the nearest dollar Compute the Company's predetermined overhead rate for the year Compute the Allocated overhead Compute the underallocated Or overallocated overhead for the year. (Answer Format: Number and then UnderAllocated or OverAllocated) Based on your answer for "C" record the proper journal entry to close out overallocated underallocated manufacturing overhead. Journal Entry Format: Debit: Account # Credit: Account # What is the impact of your journal entry on the Company's net income? Hint Answer options: Increase, Decrease, Stays the Same, No Change, Please ask someone else)