QUESTION The Co-Magie company we job-order casting system. The following dute relate to the first quarter of the company's fiscal year Materials requisitioned for production cost 5550,000 direct materials and indirect materials are proportioned by 621 b. Utility costs incurred are $75,000 c Raw Materials purchased on cash $450,000 d. Salaries Indirect Labout Direct Labour Selling Commission Admin Salaries S 125.000 250 000 140.000 200.000 e Marketing cost incurred a $120,000 1. Prepaid insurance expired during this period $170,000. 75% belongs to the factory and the rest to the admin Rental expense for the factory is $80,000 and rent for the shop is $25,000 h, Supplies cost incurred during the month is $12,000 on account Use the information below to find the predetermined Rate using machine hours as the cost driver S Budgeted Overhead 176,000 Budgeted machine hours 51,000 hours Actual machine hours 60,000 hours Actual overhead 242.000 Journalize the applied costuned in section 10 Goods costing to produce $3,400,000 were completed during the quarter Cash Sales wat $1.200,000. Cost to produce it was $800,000 m Cash paid to supplier was $9,500 n. $25,000 Cash was paid for Bank Loans REQUIRED 1. Prepare lournal entries for the quarter 2. Is production cost underlied or overapplied? [Marks 301