Sheridan, Inc. manufactures ergonomically designed computer furniture. Sheridan uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Accumulated Job No. Item Units Cost CC723 Computer caddy 20,000 $520,300 CH291 Chair 10,000 247,000 PS812 Printer stand 22,000 139,000 $906,300 On November 30, Sheridan's Direct Materials Inventory account totaled $124,000, and its Finished Goods Inventory totaled $540,000. Sheridan applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead budget for the year totaled $1,792,000, and the company planned to use 128,000 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. Sheridan purchased $638,000 in direct materials in December and incurred the following costs for jobs in process that month: Job No. Materials Issued Machine Hours Direct Labor Hours Direct Labor Cost CC723 $85,000 4,250 9.600 $115,200 CH291 $7,000 650 PS812 $110,000 4,400 2,400 14,300 $28,800 $171,600 The following jobs were completed in December and transferred to the Finished Goods Inventory: Job No. Item Units CC723 Computer caddy 20,000 CH291 Chair 10,000 DS444 Desk 5,000 Assume that Sheridan sold 8,200 computer caddies, 8,000 chairs, and 4,500 desks in December. Sheridan incurred $172,800 in manufacturing overhead in December. Given that expenditure, was manufacturing overhead under- or overapplied for the year? By how much? Overhead eTextbook and Media List of Accounts by $ Assume that Sheridan 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 0 decimal places e.g. 5,275.) Work In Process $ Finished Goods $ Cost of Goods Sold Ending Balance % of total eTextbook and Media List of Accounts % $ % $ % $ Allocation Adjusted Balance Assume that Sheridan 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 eTextbook and Media. List of Accounts On November 30, Sheridan's Direct Materials Inventory account totaled $124,000, and its Finished Goods Inventory totaled $540,000. Sheridan applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead budget for the year totaled $1,792,000, and the company planned to use 128,000 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. Sheridan purchased $638,000 in direct materials in December and incurred the following costs for jobs in process that month: Job No. Materials Issued Machine Hours Direct Labor Hours Direct Labor Cost 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 20,000 CH291 Chair 10,000 DS444 Desk 5,000