Sicily Company reported the following actual cost data for the year Purchase of raw materials (all direct) Direct labour cost Manufacturing overhcad costs Change in inventories: $26,000 160,000 246,000 Decrease in raw materials $10,000 8,000 16,000 Decrease in work in process Decrease in finished goods Sicily Company used a 150% predetermined overhead rate based on ci rect labour cost. The rate was based on annual estimated overhead cost and direct labour cost or $252,000 and $168,000, respectively Required: a. Calculate the cost of goods manufactured. (3 Marks) b. What was the cost of goods sold before adjusting for any under or overapplied overhead? 2 Marks) c. By how much was manufacturing overhead cost under or overapplied? (2 Marks) d. Prepare a summary journal entry to close any under or overapplied manufacturing overhead cost to cost of goods sold. (1 Mark) e. Analyze the under or overapplied manufactuing overhead costs calculated in part c above into two separate components: amount due to incorre ct estimate of the annual manufacturing overhead costs and an amount due to incorrect estimate of the amual direct labour cost. (2 marks)