Michelle's Holiday Styles has been busy in the month of November! It seems Michelle's marketing efforts have paid off, as she has answered many calls to help decorate homes for the upcoming holidays. The company carries an inventory of decorative items in its store and then installs them in creative and fun ways. The MOH costs are fairly low, since the company has just a small space to hold the inventory. The applied MOH rate is $10 per direct labor hour. As of November 30 , the company carries the following balances in its inventory accounts. During December, the following events occurred. 1. Purchased direct materials costing $16,100 on account. 2. Used $20,700 of direct materials for jobs: 3. Paid direct labor wages for 141 hours of labor ($25/hr). 4. Applied MOH cost to jobs. 5. Aetually ineurred $3,500 in MOH costs. 6. Completed all jobs by the end of the month. 7. Billed clients $48,400 for jobs completed. 8. Closed under-or overapplied MOH using the direct write-off method. Calculate the ending balances in all inventory accounts as of December 31. Prepare the journal entry to write off any under-or overapplied MOH directly to COGS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Determine the company's total cost of goods completed and COGS in December. Total cost of goods completed and COGS \$ How much gross margin did the company earn in December? (Round percentage answer to 2 decimal places, es. 52.75\%) Gross margin Gross margin percentage % If Michelle had a goal of earning a 35% gross margin, did she reach her goal? \begin{tabular}{|c|c|c|c|} \hline , she & reach her goal, because & % is & than her goal of 35% \\ \hline \end{tabular}