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Sweeten Company is a manufacturer that uses job-order costing. On March 1, the company's inventory balances were as follows: Raw materials. Work in process Finished goods $40,000 $30,000 . $60,000 Sweeten Company applies overhead cost to jobs on the basis of machine-hours worked. For the current year, the company's predetermined overhead rate was based on a cost formula that estimated $900,000 of total manufacturing overhead for an estimated activity level of 150,000 machine-hours. The following transactions were recorded for the year: 1. Raw materials were purchased on account, $600,000. 2. Raw materials were requisitioned for use in production, $400,000 ($370,000 direct materials and $30,000 indirect materials). 3. The following costs were accrued for employee services: direct labor, $75,000; indirect labor, $110,000; sales commissions, $90,000; and administrative salaries, $180,000. 4. Sales travel costs were $19,000. 5. Utility costs in the factory were $38,000. 6. Advertising costs were $90,000. 7. Depreciation was recorded for the year, $350,000 (80% relates to factory operations, and 20% relates to selling and administrative activities). 8. Insurance expired during the year, $10,000 (90% relates to factory operations, and the remaining 10% relates to selling and administrative activities). 9. Manufacturing overhead was applied to production. Due to greater than expected demand for its products, the company worked 80,000 machine- hours on all jobs during the year. 10. Goods costing $900,000 to manufacture according to their job cost sheets were completed during the year. 11. Goods were sold on account to customers during the year for a total of $1,500,000. The goods cost $870,000 to manufacture according to their job cost sheets. Required: 1. Prepare journal entries to record the transactions. 2. Is Manufacturing Overhead underapplied or overapplied for the year? Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Do not allocate the balance between ending inventories and Cost of Goods Sold