Raw materials Work in process (includes overhead applied of $62,100) Finished goods (includes overhead applied of $105,570) Cost of goods sold (includes overhead applied of $453, 330) 14,000 $ 183,000 $ 311,100 $ 1,335,900 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? Net operating income will be if the overhead is allocated rather than closed entirely to cost of goods sold Complete this question by entering your answers in the tabs below. Lequired 1 Required 2 Required 3 Required 4 sume that the company allocates any underapplied or overapplied overhead proportio ost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a quired" in the first account field.) View transaction list Journal entry worksheet