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 following estimates were used in preparing the predetermined overhead rate at the beginning of the year Machine-hours 83,000 1,280,000 Fixed manufacturing overhead costs Variable manufacturing overhead per S 3.30 computer-hour During the year, a glut of furniture on the market resulted in cutting back production and a buildup of fumiture in the companys warehouse. The companys cost records revealed the following actual cost and operating data for the year 60,000 Machine-hours Manufacturing overhead cost $1,213,000 Required: 1. Compute the company's predetermined overhead rate for the year(Round your answer to 2 decimal places.) redetermined verhead rate per hour 2. Compute the underapplied or overapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.) 3. Assume the company closes any underapplied or overapplied overhead directly to Cost of Goods Sold. Prepare the appropriate entry. (If no entry is required for a transactionevent, select "No journal entry required in the first account field. Round your intermediate calculations to 2 decimal places.) View transaction list Journal entry worksheet Record the entry to close the balance in the manufacturing overhead account to the cost of goods sold account." Note: Enter debits before credits. Event General Journal Debit Credit