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please answer 3-4. 5 Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost

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5 Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine hours. The predetermined overhead rate was based on a cost formula that estimates $592,000 of total manufacturing overhead for an estimated activity level of 74,000 machine hours. During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year $ 67,800 551,800 Machine hours Manufacturing overhead cost Inventories at year-end! Raw materials Work in process (includes overhead applied of $37,520) Finished goods (includes overhead applied of $101, 840) Cost of goods sold includes overhead applied of 5396,640) 3 13,888 $ 139,300 $ 378, 189 S 1,472,600 Required: 1. Compute the underapplied or overapplied overhead, 2 Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate foumal entry 3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry 4 How much higher or lower will net operating income be if the underopplied or overapplied overhead is allocated to Work in Process Finished Goods, and cost of Goods Sold rather than being closed to cost of Goods Sold? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 any unde applied or overapplied overnead proportionally to work in process, Fir and Cost of Goods Sold. Prepare the appropriate journal entry. 4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to V Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Event General Journal Debit Credit 1 1 Work in process Finished goods Cost of goods sold Manufacturing overhead OO

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