Q4. Ambassadors Ltd Estimates (Budgeted) its manufacturing overhead to be $350,000 and direct labor cost to be $1,100,000 for year 1. The actual direct labor cost of the jobs were as follows, Job A. $28000 Job B. $39000 Job C. $26000 Actual Manufacturing overhead was $33000 an the total direct labor cost was $100,000. Manufacturing overhead is applied on the basis of direct labor cost using predetermined rates. Required: a) How much cost was assigned to Job A, Job B and Job C? b) What was the over or under applied manufacturing overhead for the year? c) Prepare an entry to allocate the under or over applied overheads In each of the inventory accounts as below WIP Inventory = $70000 Finished Goods $55000 Cost of Goods Sold $120,000