Marigold, Inc. manufactures ergonomically designed computer furniture. Marigold uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. Item Units Accumulated Cost CC723 Computer caddy 15,000 $ 502,000 CH291 Chair 8,000 240,810 PS812 Printer stand 17,000 131,000 $ 873,810 On November 30, Marigolds Direct Materials Inventory account totaled $ 140,000, and its Finished Goods Inventory totaled $ 530,000. Marigold applies manufacturing overhead on the basis of machine hours. The companys manufacturing overhead budget for the year totaled $ 1,650,000, and the company planned to use 150,000 machine hours during the year. Through the first eleven months of the year, the company used a total of 118,000 machine-hours, total manufacturing overhead amounted to $ 1,818,700, and the Cost of Goods Sold was $ 4,680,000. Marigold purchased $ 638,000 in direct materials in December and incurred the following costs for jobs in a process that month: Job No. Materials Issued Machine Hours Direct Labor Hours Direct Labor Cost CC723 $ 85,000 4,250 9,600 $ 115,200 CH291 $ 7,000 650 2,400 $ 28,800 PS812 $ 110,000 4,400 14,300 $ 171,600 DS444 $ 123,000 2,200 8,700 $ 104,400 The following jobs were completed in December and transferred to the Finished Goods Inventory: Job No. Item Units CC723 Computer caddy 15,000 CH291 Chair 8,000 DS444 Desk 5,000 Assume that Marigold sold 8,200 computer caddies, 8,000 chairs, and 4,500 desks in December. Partially correct answer icon Your answer is partially correct. Marigold incurred $ 172,800 in manufacturing overhead in December. Given that expenditure, was manufacturing overhead under-or overapplied for the year? By how much? Overhead select an option Underapplied by $ enter a dollar amount 341500 eTextbook and MediaAssistance Used List of Accounts Partially correct answer icon Your answer is partially correct. Assume that Marigold closes under-or overapplied overhead to the Cost of Goods Sold account. Prepare the journal entry to close the manufacturing overhead account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title Cost of Goods Sold enter a debit amount 341500 enter a credit amount enter an account title Manufacturing Overhead enter a debit amount enter a credit amount 341500 eTextbook and MediaAssistance Used List of Accounts Incorrect answer icon Your answer is incorrect. Assume that Marigold prorates under- or overapplied overhead to the appropriate accounts. Calculate the allocated amounts and adjust the account balances as needed. (Round % of total answers to 1 decimal places, e.g. 52.7% and other answers to 0 decimal places e.g. 5,275.) Ending Balance % of total Allocation Adjusted Balance Work In Process $ enter a dollar amount rounded to 0 decimal places enter a percentage value rounded to 1 decimal place % $ enter a dollar amount rounded to 0 decimal places $ enter a dollar amount rounded to 0 decimal places Finished Goods $ enter a dollar amount rounded to 0 decimal places enter a percentage value rounded to 1 decimal place % $ enter a dollar amount rounded to 0 decimal places $ enter a dollar amount rounded to 0 decimal places Cost of Goods Sold $ enter a dollar amount rounded to 0 decimal places enter a percentage value rounded to 1 decimal place % $ enter a dollar amount rounded to 0 decimal places $ enter a dollar amount rounded to 0 decimal places