Milsaps Company produces sportsmens digital scales. In preparing the current budget, Milsaps controller estimates a total of $278,000 in direct materials cost, $240,000 in direct labor cost, and $360,000 in manufacturing overhead costs. Since much of the production process requires skilled workers to assemble the scales, direct labor cost is used as the overhead application base. At the end of the period, Milsaps reported actual results as follows: direct materials cost of $313,000, direct labor cost of $193,000, and manufacturing overhead cost $284,370.

(a) What is Milsaps predetermined overhead rate for the year?

(b).How much manufacturing overhead did Milsaps apply during the year?

(c). What is the journal entry to close overhead if the amount is considered to be insignificant?