Luzadis Company 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 predetermined overhead rate was based on a cost formula that estimates $612,000 of total manufacturing overhead for an estimated activity level of 68,000 machine-hours. During the year, a large quantity 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. Rachine-hous Manofacturing overhead cost Inventories at year-endi Rav materials Mork in process (includes overhead applied of $22,500) Finished goods (includes overhead applied of $76.5001 Cost of goods sold (includes overhead applied of $351,000) Required: 1. Compute the underapplied or overapplied overhead 50,000 $570,000 $ 18,000 93,500 317,900 $1,498,600 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry. 3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry Complete this question by entering your answers in the tabs below.) Required Required 2 Required 3 Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cast of Goods Sold. Prepare the appropriate journal entry (If no entry is required for a transaction/event, select "ho jumal entry required" in the first account field.) View traction list rences View transaction list Journal entry worksheet Record the allocation of the underapplied/overapplied overhead to various accounts. Note: Enter debits before credits Event 1 General Journal Debit Credit Record entry Clear entry View general Journal