Sheffield, Inc. manufactures ergonomically designed computer furniture. Sheffield uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. Item Units Accumulated Cost CC723 Computer caddy 10,000 $ 502,050 CH291 Chair 9,000 247,800 PS812 Printer stand 12,000 133,000 $ 882,850 On November 30, Sheffield's Direct Materials Inventory account totaled $ 144,000, and its Finished Goods Inventory totaled $ 538,000. Sheffield applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead budget for the year totaled $ 1,820,000, and the company planned to use 140,000 machine hours during the year. Through the first eleven months of the year, the company used a total of 118,000 machine hours, total manufacturing overhead amounted to $ 1,818,700, and Cost of Goods Sold was $ 4,680,000. Sheffield purchased $ 638,000 in direct materials in December and incurred the following costs for jobs in process that month: Sheffield purchased $638,000 in direct materials in December and incurred the following costs for jobs in process that month: Materials Issued Machine Hours Direct Labor Hours Direct Labor Cost Job No. CC723 $ 85,000 4,250 9,600 $ 115,200 CH291 $7,000 650 2,400 $ 28,800 PS812 $ 110,000 4,400 14,300 $ 171,600 DS444 $ 123,000 2,200 8,700 $ 104,400 The following jobs were completed in December and transferred to the Finished Goods Inventory: Job No. Item Units CC723 Computer caddy 10,000 CH291 Chair 9,000 DS444 Desk 5,000 Assume that Sheffield sold 8,200 computer caddies, 8,000 chairs, and 4,500 desks in December. Sheffield incurred $ 172,800 in manufacturing overhead in December. Given that expenditure, was manufacturing overhead under-or overapplied for the year? By how much? Overhead by$ Assume that Sheffield closes under-or overapplied overhead to the Cost of Goods Sold account. Prepare the journal entry to close the manufacturing overhead account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that Sheffield prorates under-or overapplied overhead to the appropriate accounts. Calculate the allocated amounts and adjust the account balances as needed. (Round % of total answers to 1 decimal places, e.g. 52.7% and other answers to O decimal places e.g. 5,275.) Ending Balance % of total Allocation Adjusted Balance Work In Process % $ $ Finished Goods % $ Cost of Goods Sold $ % $ ta