randelay Industries makes furmiture using the latest automated technology. The company uess a job-order costing system and applies manufacturing overhead cost to roducts on the basis of machine-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: During the year, a glar of fumiture on the market reselted in cutting back production and a buildup of farmiture in the cornpany's warchouse. The company's cost records revealed the following actual cost and operating data for the year: De not use "F" or " " in anEwers. Found PQHR io 2 decmal points, round bll other numbers to the nearedt dollar Compote the Company's predetermined overtiead raie for the year. Compute the Allocated overhesd Compute the underalocated or overalocated overhead for the year. (Answer Format: Number and then UnderAllocated or OverAliocated) De not use '\$ or " in answers. Round POHR to 2 decimal points, round all other numbers to the nearest dollar Compute the Company's predetermined overhead rate for the year. Compute the Allocated overhead Compute the underalocaled or overallocated overhead for the year. (Answer Format: Number and then UnderAllocated or OverAlloceted) Based on your answer for " C " record the proper joumal entry to close out overallocated lunderalocated masufacturing overhead Journal Entry Format: Debit Accoust \# Crecht: Account if What is the impact of your joumal entry on the Company's net income