Mooresville Corporation manufactures reproductoons of elghteenth-century, classical-style furniture. it uses a job costing system that applies factory overhead on the basis of direct labor hours. Budgeted factory overnead for the year was $1,326,100, and management budgeted 89.000 direct labor hours. Mooresville had no Materlals, Work-in-Process, or Finished Goods inventory at the beginning of August. These transactions were recorded during August: a. Purchased 5,400 square feet of oak on account at $26 per square foot. b. Purchased 90 gallons of glue on account at $36 per gallon (indirect matenal) c. Requisitioned 3,780 square feet of oak and 35 gallons of glue for production. d. Incurred and paid payroll costs of $196,300 or this amount, $50,000 were indirect labor costs, direct labor personnel earned $22 per hout e. Paid factory utilty bill, $15,910 in cash. 1. Augusts insurance cost for the manufacturing property and equipment was $3,700. The premium had been pald in March g. incurred $8,760 depreciation on manufacturing equipment for August. h. Recorded $2.500 depreciation on an administrative asset. 1. Paid advertising expenses in cash, 55,680 j. Incurred and paid other factory overhead costs, $13,900 k. Incurred and paxd miscelianeous seling and administrative expenses, $13,550 1. Applied factory overnead to production on the basis of direct labor hours m. Produced completed goods costing $148,000 during the month n. Sales on account in August were $134,000. The Cost of Goods Sold was $114,000 Requirect: 1. Compute the firm's predetermined factory overhead rate for the year. 2. Prepare joumal entries to record the August events. 3. Calculate the amount of overappiled or underapplied overhead to be closed to the Cost of Goods Sold account on August 31