Pharoah Ltd. manufactures industrial kitchen equipments. Pharoah uses a normal job-costing system to allocate manufacturing overhead cost, based on the machine hours. The selected account balances are as follows: January 1 $79,000 22,000 50,000 Direct materials Work-in-process Finished goods Direct manufacturing labour Indirect manufacturing labour Factory Insurance Factory Utilities Factory Maintenance Depreciation-Machine December 31 $54,000 33,000 25,000 132,000 53,000 8,000 31,000 25,000 50,280 The budgeted manufacturing overhead costs and machine hours were $121,000 and 5,500 hours. The actual machine hours worked was 6,800 hours. Calculate the budgeted overhead rate per machine hour and the actual overhead rate per machine hour? (Round answers to 2 decimal places, e.g. 25.15.) Budgeted Overhead Rate Per Machine Hour Actual Overhead Rate Per Machine Hour $ What was the manufacturing overhead amount applied to the work-in-process? Was the amount over- or under-applied? Overhead Amount The material requisition records showed that $92,400 of materials was used in the production. What is the amount of material purchased? Materials Purchased Prepare all journal entries related to the production, including the year-end adjustment for over- or underapplied manufacturing overhead. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry Required" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To record matrerial purchased) (Materials used production) (Direct manufacturing labouri production) (To record indirect manufacturing labor) (Factory Insurance) (Factory Utilities) (Factory Maintenance) (Depreciation - Machine) (Manufacturing Overhead applied to WIP) (To close work-in-process inventory account) (To close finished goods inventory account) (To close manufacturing overhead control account) Prepare a schedule of cost of goods manufactured, using the amount of actual manufacturing overhead incurred. Pharoah Ltd. Schedule of Cost of Goods Manufactured : : $ .. What is the amount of cost of goods sold after the adjustment? Cost of Goods Sold $