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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 thot estimates $900,000 of total manufacturing overhead for an estimated activity level of 75,000 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 5 00,000 850,00 Machine-hours Manufacturing overhead cost Inventaries at year-end: Raw materials Work in process (includes overhead applied of 536.000) Finished goods (includes overhead applied of $150,000 Cost of goods sold includes overhead applied of $504,880) $ 30.000 s 180,000 $ 500,000 $ 1.400,000 ce Required: 1 Compute the underapplied or overopplied 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 joumal entry 4 How much higher or lower will net operating income be if the underapplied or overappled overhead is allocated to Work in Process Finished Goods and Cost of Goods Sold rather than being closed to cost of Goods Sold? applied or overapplied overhead. 2. Assume that the company closes any underapplied or overapplied overhead entry. 3. Assume that the company allocates any underapplied or overapplied overhea and Cost of Goods Sold. Prepare the appropriate journal entry. 4. How much higher or lower will net operating income be if the underapplied on Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Go 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. ho Required 2 > Journal entry worksheet Record the entry to close the balance in the manufacturing overhead account to the cost of goods sold account. Note: Enter debits before credits. Transaction General Journal Debit Credit IDE Record entry Clear entry View general journal View transaction list Journal entry worksheet Required: Compute the underapplied or overapplied overhead. 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goo entry 3. Assume that the company allocates any underapplied or overapplied overhead proportiona and Cost of Goods Sold. Prepare the appropriate journal entry. 7. 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? 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 overhea 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.