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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 $980,000 of total manufacturing overhead for an estimated activity level of 98,000 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: Machine-hours 78,000 Manufacturing overhead cost $ 941,080 Inventories at year-end: Raw materials $ 15,000 Work in process (includes overhead applied of $39,000) $ 97,500 Finished goods (includes overhead applied of $117,000) $ 292,500 Cost of goods sold (includes overhead applied of $624,000) $ 1,560,000 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 Journal 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 underapplied or overopplied overhead is allocated to Work in Process, Finished Goods, and cost of Goods Sold rather than being closed to cost of Goods Sold? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the underapplied or overapplied overhead. Required: 1. Compute the underapplied or overapplied overhead. 2. Assume that the company closes any underapplied or overapplied overhead to Cost of GC entry. 3. Assume that the company allocates any underapplied or overapplied overhead proportion- 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 Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold? led ok Complete this question by entering your answers in the tabs below. ht nces Required 1 Required 2 Required 3 Required 4 Compute the underapplied or overapplied overhead. Required Required 2 > 1 Required 1 Required 2 Required 3 Required 4 5 points Assume that the company closes any underapplied or overapplied overhead to 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.) Skipped View transaction list Book Journal entry worksheet Print References Record the entry to close the balance in the manufacturing overhead account to the cost of goods sold account. Note Enter debits before credits Event General Journal Dobit Credit Record entry Clear entry View general Journal Mc Ich 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) od View transaction list K Journal entry worksheet Record the allocation of the underapplied/overapplied overhead to various accounts Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal Prev 1 of 4 !!! Next > Cost of goods sold includes overhead applied of $624,000) $ 1,560,000 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 journal 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 underapplied 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 How much higher or lower will net operating income be if the underapplied 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? Not operating income will be the overhead a alocated rather than closed entirely to cost of goods sold