Pearl Company reported the following actual cost data for the year:

Purchase of raw materials (all direct)	$300,000
Direct labour cost	200,000
Manufacturing overhead costs	269,000
Change in inventories:
Decrease in raw materials	$12,000
Decrease in work in process	10,000
Decrease in finished goods	20,000

Pearl Company used a 150% predetermined overhead rate based on direct labour cost. The rate was based on annual estimated overhead cost and direct labour cost of $252,000 and $168,000, respectively.

Required:

1. Calculate the cost of goods manufactured.
2. What was the cost of goods sold before adjusting for any under or overapplied overhead?
3. By how much was manufacturing overhead cost under or overapplied?
4. Prepare a summary journal entry to close any under or overapplied manufacturing overhead cost to cost of goods sold.