Part H: Exercise Problems -you have the option to your 1. (20 points) Vandelay Industries makes furniture using the latest overhead cost to company uses a jotb-onder costing system and applies imanes were used in prepaning facturing tse predetermined overhead rate at the beginning of the ycar 88,000 .$1,273,000 $3.30 During the year, a glut of furniture on the market resulted in cutting back production and a build up of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year Machine-hours.. Manufacturing overhead cost Raw materials. Work in process (includes overhead applied of 53,310... S110,000 Finished goods (includes overhead applied of 248.780).... $1,050,000 50,000 Inventories at year-end: $420,000 Cost of goods sold (includes overhead applied of 586.410)...S2.710,000 Compute the Company's predetermined overhead rate for the year. (Round the predetermined rate to two decimal places) A. B. How much manufacturing overhead was allocated during the current year? C. Compute the underallocated or overallocated overhead for the year. D. Record the Journal Entry to close out the underallocated or overallocated man overhead