PLEASE ANSWER CLEAR AND ALL PARTS

1. (20 points) Vandelay Industries 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 following estimates were used in preparing the predetermined overhead rate at the beginning of the year. Machine-hours 88,000 Fixed manufacturing overhead cost $ 1.273,000 Variable manufacturing overhead per machine-hour S 3.30 During the year, a glut 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: 60,000 S 942.000 Machine-hours Manufacturing overhead cost Inventories at year-end: Raw materials Work in process (includes overhead applied of 53,310) Finished goods (includes overhead applied of 248,780) Cost of goods sold (includes overhead applied of 586,410) $ 420,000 S. 110,000 S 1.050.000 $ 2,710,000 A. Compute the Company's predetermined overhead rate for the year. (HINT use your mixed cost formula to calculate total estimated overhead) 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 manufacturing overhead